XAUUSD has started down trend rally after making all Time High with trend line break. After FOMC, rejection at previous trend line proofs that Gold is going to fall again. Details of Trend Line Structure break with retest. FXOPEN:XAUUSD
Gold has been consolidating for past 2 days and finally this phase is coming to an end...
Confirmations
1.Bullish Flag
2. RSI Divergence...
3. 50% Fib retracement
4. Morning ⭐
XAU USD will be bearish until it hits the trendline(2018-2020) where it makes 61.8% retracement in 4 Hr TF. Also RSI divergence + Breaking of previous + Volume profile shows the bearish nature of XAUUSD. Hammer formation in 15 Min TF adds one more confirmation.
As we all know that we are all in a down trend, looking for a sell oppurtunity is a 1st priority for many traders. Currently we had bullish flag in 3 min TF which provided us the oppurtunity of Selling Gold at Fib Golden Zone. SL is slightly above 71% Fib zone and TP is at -61.8%.
