XAU/USD | The Downtrend Continues - Time to Short!

👋 Good day, traders!

Let's consider two possible scenarios:

📉 After a prolonged uptrend on the W1 chart, XAU, being in the overbought zone and having broken its ascending trend, has been forming an "Uncertainty Triangle" pattern for the past few days. After breaking the support level at $1908.00, it's expected to actively move downwards towards the target levels of $1892.00, $1878.00, and $1858.00. I recommend considering sales from the aggressive level of $1900.00 and the conservative level of $1880.00 with a potential profit of 0.5-2.2%, SL ~$1920.00.

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❓ I'd love to hear your comments. What are your thoughts on this?

DISCLAIMER:
This idea is not a trading recommendation and is for informational and educational purposes only. Traders should analyze and make decisions based on this information independently.

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Trade closed: target reached: