XAU/USD POSSIBLE BREAKDOWN, ONLY PRICE ACTIONS
XAUUSD has bounced (+4.5%) from a strong support zone of 1676-1683 on 8th March, and currently Gold is consolidating around the control price of 2053-1514 channel (Dotted lines)There can be only two possibilities, the price might go UP or DOWN.
If the price breaks and retest the 1719-1724 area I’ll be looking for a short opportunity, targeted TP will be somewhere around 1700-1680. if the price breaks down and retests the support zone of the 1676-1683 area, I’m expecting a further drop of
gold up to 1640.If you study my chart you can identify many more possibilities, nothing is 100% accurate.
Don’t forget that
DXY is on an Uptrend since 5th Jan 2021.Please criticize and support my analysis with like and comment!!!!!!!
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