XAU-USD nearing Daily support again - Fail or Bounce?

Updated

XAUUSD is nearing the Daily support at 0.236 fib again and a fail will open a massive range below to 1850 zone. Will be watching this closely. Still not bearish yet on Daily based on Ichimoku and Intensity.

DAily chart visualized using Fib Circles, Ichimoku Cloud and Intensity Bands.

Note

Sharp reaction as expected at the fail of 0.236 Fib Retracement support at 1928.

Important Daily support at 0.786 Fib extension as shown on chart. Good ranging zone between 1894 - 1957 if 0.786 support holds. 1894 support is key.

Ichimoku setting on Daily - 5/12/24/12

Note

1894 failed. Daily close below 1894 will be fatal.

Note

Blood Bath

Trade closed: target reached

Bounced after testing below 1850 as expected.

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