🔰 Pair Name : XAU/USD
🔰 Time Frame : 1H/4H
🔰 Scale Type : SMALL Scale
🔰 Direction : SELL
From a technical standpoint 📊, Gold has exhibited a sideward movement over the past two days. The recent price breakout to the upside appears to be a move aimed at filling the imbalance area left by last week's substantial sell-off. Our prevailing stance remains skewed towards a bearish outlook for Gold 📉. The key consideration lies in how extensively Gold retraces upward. However, we maintain reservations about Gold's potential to surpass the range of 1913-1933, delineated by the Fibonacci levels of 78.6% to 61.8%, which coincidentally aligns with the upper boundary of the weekly descending channel.
Shifting to the fundamental perspective 📰, an important juncture is approaching at 2:45 pm, marked by the release of the Flash Manufacturing PMI and Flash Services PMI news. Anticipating these events, we envision Gold ascending to approximately 1913.5, facilitating the replenishment of the aforementioned imbalance area, prior to the news release. Subsequently, a downturn is expected, propelling the price to revisit the daily support level 📉. This retesting phase would precede any substantial further upward or downward movement.
Remember, trading involves inherent uncertainties, and both technical and fundamental aspects must be diligently evaluated. Keep an eye on these developments as they unfold, as they will potentially guide our trading strategy 🕵️♂️📈.
🔰 Time Frame : 1H/4H
🔰 Scale Type : SMALL Scale
🔰 Direction : SELL
From a technical standpoint 📊, Gold has exhibited a sideward movement over the past two days. The recent price breakout to the upside appears to be a move aimed at filling the imbalance area left by last week's substantial sell-off. Our prevailing stance remains skewed towards a bearish outlook for Gold 📉. The key consideration lies in how extensively Gold retraces upward. However, we maintain reservations about Gold's potential to surpass the range of 1913-1933, delineated by the Fibonacci levels of 78.6% to 61.8%, which coincidentally aligns with the upper boundary of the weekly descending channel.
Shifting to the fundamental perspective 📰, an important juncture is approaching at 2:45 pm, marked by the release of the Flash Manufacturing PMI and Flash Services PMI news. Anticipating these events, we envision Gold ascending to approximately 1913.5, facilitating the replenishment of the aforementioned imbalance area, prior to the news release. Subsequently, a downturn is expected, propelling the price to revisit the daily support level 📉. This retesting phase would precede any substantial further upward or downward movement.
Remember, trading involves inherent uncertainties, and both technical and fundamental aspects must be diligently evaluated. Keep an eye on these developments as they unfold, as they will potentially guide our trading strategy 🕵️♂️📈.
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