Spot Gold XAUUSD, current price $1,861, this view is for medium term and not day trading ,bearish engulfing candle, crucial support lies at $1824 ( 61.8% retractment), if broken will see downward slide towards $1,688. There is lot of similarity to the pattern in 2012 when it created top and retracted back more then 38.2%, similar pattern is coming with downward slopping RSI and hence we may see more retractment. From the retracted level we may see price continuing long term uptrend and may move higher and see price testing recent highs of $2,075
the above view is for study purpose and should not be considered financial advice.
the above view is for study purpose and should not be considered financial advice.