Based on smart money concept, relatively equal lows would account for liquidity (stop orders of retail traders). Although they have been a bullish engulfing candle stick pattern on w1 and D1. I believe the big players will drive prices lower to take out the stop losses of traders who bought too early (support).
If this speculation is right, then we would expect some bearish moves from the supply zone which xauusd is approaching this week. However, we should wait for reactions that suggests the bearish move before joining.
Other bearish confluences
1. 3rd touch on the down trendline (respected)
2. Lower time frame bearish pullback to a Fibonacci discount level.
If this speculation is right, then we would expect some bearish moves from the supply zone which xauusd is approaching this week. However, we should wait for reactions that suggests the bearish move before joining.
Other bearish confluences
1. 3rd touch on the down trendline (respected)
2. Lower time frame bearish pullback to a Fibonacci discount level.