XAUUSD FORMING BEARISH STRUCTURE
XAU is currently struggling to keep its bullish structure and resilience due to a strengthening USD. Price just rejected off a bearish order block in the supply zone of 1850 -1860. The reaction was strong indicating high selling pressure. A potential swing failure has occurred and the trend may become bearish from here on.
We are however anticipating a pull back to either the breaker block around 1808 -1820, the deep retracement level at 1830 or the bearish order block around 1840 - 1851, before a bearish continuation will commence. A sell off to around 1750 is likely.
We are however anticipating a pull back to either the breaker block around 1808 -1820, the deep retracement level at 1830 or the bearish order block around 1840 - 1851, before a bearish continuation will commence. A sell off to around 1750 is likely.
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