Short

XAUUSD

By Sooeeni1985

Updated

Considering the failure of the one-hour Super Trend and the break of the 30 and 50 moving averages, as well as the presence of tested resistances, it is predicted that the price, at the beginning of this week, may continue its path towards TP1 at the 1934 point, either directly or after returning to the 1955 price. If it can break the 4-hour support, it will move towards the 100% Fibonacci expansion for TP2. Ultimately, considering that the four-hour and possibly daily moving averages converge downwards at this point, we can identify the weekly support as the third target.

Note: All of the above scenarios occur only if the daily trend line is broken.

Note

If the price can break the daily trend, after touching profit limit 1 and 2, please watch out for a reversal to the upside, as the weekly support area is on the way.

Sooeeni1985

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