. There is still a possibility of temporary retracement to suggested resistance line (1703.5). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. XAUUSD is in a range bound and the beginning of downtrend is expected.
. The price is below the 21-Day WEMA which acts as a dynamic resistance.
. The is at 28.
TP1= @ 1664.75
TP2= @ 1641.00
TP3= @ 1624.80
TP4= @ 1588.45
TP5= @ 1565. 40
SL: Break Above R2
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From a technical point of view your analysis may seem right , but the fundamentals are pretty clear , the situation in the US is only going to get worse .
Tension with CHINA
Riots and looting
Gold is the most volatile pair ever, so it can swing one way or the other but long term I think that in the next months we will definitely see a spike upwards near or above 1800