Its been exactly 20 days since we last wrote about the XAUUSD price action. We’ve seen price show inconsistent movements through the past days. In the previous post price traded bullishly after finding support at level 1750.00 .We spoke about the likely hood of price breaking past level 1800.06 .During that time the Gold traded above this level and we questioned if this was an actual breakout
Looking at todays chart you may notice that price went up till level 1833.11 where it found resistance before plummeting bearish to the1800.06 area. Our analysts at FXSits wonder if this is beginning of a new bearish trend on the daily chart. This reason being that price price action is forming a lower high. We believe that if price break past level 1800.06 we may see it trade to level 1750.00 where it previously found support.
As of now price still struggles to move past level 1800.06 . Incases where price does find support at this level we may see the XAUUSD price action soar bullish towards the previous lower high at 1833.11 .Possibilities are price might break this early next month depending on this month’s close.
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