Overall Bearish Outlook XAUUSD
My outlook on Gold, is it's overall bearish. As you can see price had a major push to the upside and created a High. Now I believe price is making an attempt to retrace and test the "previous high". This previous high also lines up with the 61.8 Fibonacci level and is also near my demand zone.
From the chart you can see price formed a descending triangle, and broke below to the downside. Price then retraced to test the trendline, which also correlated with the former support zone and supporting trendline, now acting as resistance. Price may have just finished forming it's new Lower High and now ready to make another bearish impulse, ultimately creating a Lower Low.
Feel free to Like, Comment and drop your analysis below if you feel/see something different.
From the chart you can see price formed a descending triangle, and broke below to the downside. Price then retraced to test the trendline, which also correlated with the former support zone and supporting trendline, now acting as resistance. Price may have just finished forming it's new Lower High and now ready to make another bearish impulse, ultimately creating a Lower Low.
Feel free to Like, Comment and drop your analysis below if you feel/see something different.
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