XAUUSD Potential for Bearish Drop | 28th February 2023Looking at the H4 chart, my overall bias for XAUUSD is bearish due to the current price being below the Ichimoku cloud , indicating a bearish market. To add confluence to this bias, price is also along a descending trendline.
Looking for a sell entry at 1818.975, where the overlap resistance and 23.6% Fibonacci line is. Stop loss will be at 1844.870, where the recent high is. Take profit will be at 1786.545, where the overlap support and -61.8% Fibonacci expansion line is.
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