XAUUSD Gold weekly timeframe breakdown
Another week of more bearish price action. All in all it was a good week for trading with no losses being taken and successful trades (all have been reviewed and broken down here)
So with price closing below another key area of support, the expectation is going into the final week and a half of August price should continue down with little to no support remaining. At this point 1860 is the next level where we could see a rejection however given how price action in the past has reacted to this level I wouldn't be surprised if we drive straight down, but I feel that's not as likely as the bull case of tapping that level and moving back up into the 1900's.
So with price closing below another key area of support, the expectation is going into the final week and a half of August price should continue down with little to no support remaining. At this point 1860 is the next level where we could see a rejection however given how price action in the past has reacted to this level I wouldn't be surprised if we drive straight down, but I feel that's not as likely as the bull case of tapping that level and moving back up into the 1900's.
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