XAUUSD Bearish trend
Based on the analysis of the price action, there are two potential scenarios that could unfold.
Firstly, there is a possibility of an AB=CD pattern being formed, which indicates that the price could potentially reach a projection of 2.0 because the Fib retracement level is at around 0.50 which further supports this projection.
On the other hand, there is also a potential double top formation, although there is currently no divergence present. As such, this scenario should be monitored closely to see if any further indicators emerge to support this possibility.
Firstly, there is a possibility of an AB=CD pattern being formed, which indicates that the price could potentially reach a projection of 2.0 because the Fib retracement level is at around 0.50 which further supports this projection.
On the other hand, there is also a potential double top formation, although there is currently no divergence present. As such, this scenario should be monitored closely to see if any further indicators emerge to support this possibility.
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