XauUsd- New leg down possible even in light of geopoliticals

Friday proved to be a challenging day for XAUUSD traders, marked by extreme volatility in the market. Following an initial surge to a new all-time high, Gold experienced a drastic drop of 1000 pips, settling near the day's lowest point.
Adding to the uncertainty, tensions in the Middle East escalated...

Despite these events, a careful examination of the chart suggests a strong possibility of another significant downturn, potentially dipping below the 2300 mark.
While the Asian Session saw a brief spike above the 2360 resistance zone at the start of the week, this level has thus far held steady.

Furthermore, a short-term analysis of the 15-minute chart reveals the formation of a symmetrical triangle, typically indicating a continuation pattern.

Considering these factors, while there remains a chance of another spike towards the 2380 zone, my outlook for the upcoming days remains consistent with my analysis from Saturday.
I anticipate a further decline, targeting the 2280 support level.

评论:

After the spike above the level that I've spoken about, XauUsd failed 4 times to reconquer that resistance.
Now is trading towards the lows and chances are BIG for a continuation to the downside and at least a test of 2325 important zone support