XAUUSD
In the given scenario, XAUUSD is said to be rangebound between 1816 and 1831. This means that the price of XAUUSD is fluctuating within this specific range without any clear upward or downward trend.
However, it is mentioned that the trend is down, which suggests that there is a higher probability of the price breaking below the range and continuing its downward movement. Therefore, the next target is expected to be around 1803.
The reasoning behind this expectation is that a downtrend typically involves lower highs and lower lows. Since the price is currently rangebound and the trend is down, the expectation is for the price to eventually break below the lower boundary of the range (1816) and continue its downward movement.
Once the price breaks below 1816, it is expected to continue declining until it reaches the next support level, which in this case is projected to be around 1803. This level may have previously acted as a strong support or a psychological level that attracts buyers, hence making it a potential target for the price to reach.
However, it's important to note that market conditions can change rapidly, and technical analysis indicators should be used in conjunction with other forms of analysis to make informed trading decisions.
However, it is mentioned that the trend is down, which suggests that there is a higher probability of the price breaking below the range and continuing its downward movement. Therefore, the next target is expected to be around 1803.
The reasoning behind this expectation is that a downtrend typically involves lower highs and lower lows. Since the price is currently rangebound and the trend is down, the expectation is for the price to eventually break below the lower boundary of the range (1816) and continue its downward movement.
Once the price breaks below 1816, it is expected to continue declining until it reaches the next support level, which in this case is projected to be around 1803. This level may have previously acted as a strong support or a psychological level that attracts buyers, hence making it a potential target for the price to reach.
However, it's important to note that market conditions can change rapidly, and technical analysis indicators should be used in conjunction with other forms of analysis to make informed trading decisions.
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