POSSIBLE DOWNSIDE RETRACE & NEW LONG TARGET on XAUUSD
As per analysts the daily descending channel has been broken out to the upside and price has entered the new parallel channel.
Price stopped growing after approaching to the new channel’s middle line which acts like a resistance level sometimes.
CCI is in the overbought area and shows a negative regular divergence: although price has risen, CCI is making lower highs.
RSI is in over 70 and ready for short down move.
The experts expect a pull back and a downside retrace for price around 1820-1850 and then a rise from that level around 1950-1960.
Price stopped growing after approaching to the new channel’s middle line which acts like a resistance level sometimes.
CCI is in the overbought area and shows a negative regular divergence: although price has risen, CCI is making lower highs.
RSI is in over 70 and ready for short down move.
The experts expect a pull back and a downside retrace for price around 1820-1850 and then a rise from that level around 1950-1960.