XAUUSD - Reason for Sell at 1664.25
Yesterday after the News, we saw how 1656-1657 became a strong support and bounced up.
Since we are on a minor bearish trend, price hits both the nearest Supply area 1666.37 and the bearish trendline (red).
It created a low at 1663.57.
We plot our fibs.
Price reacted twice to our gz 1664.96-1665.28.
Price will possibly hit the strong support from yesterday and bounce up/further down depending also on News later today.
Since we are on a minor bearish trend, price hits both the nearest Supply area 1666.37 and the bearish trendline (red).
It created a low at 1663.57.
We plot our fibs.
Price reacted twice to our gz 1664.96-1665.28.
Price will possibly hit the strong support from yesterday and bounce up/further down depending also on News later today.
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