XAUUSD: Bullish Bias Holds, Downside Awaits Confirmation
Hello,
XAUUSD has shown unexpected upside movement despite the anticipation of a significant downside. Recently, the price was rejected at the 1M PP and may retest the 1W PP, a level that previously acted as support. If the 1W PP fails to hold as support, a test of the 1Y PP could follow.
It's important to note that the 6-month low was at 2349.44 and the 3-month low at 2536.855, which could once again serve as potential support levels. However, a decline to these points seems unlikely at this stage without further confirmation.
The bullish outlook remains intact, despite the recent close below the 1M PP. If the price breaks and sustains below the 1W PP, it would confirm a potential continuation to the downside.
In summary, the bullish perspective prevails, and downside movement will only become plausible with clear confirmation.
No Nonsense. Just Really Good Market Insights. Leave a Boost
TradeWithTheTrend3344
XAUUSD has shown unexpected upside movement despite the anticipation of a significant downside. Recently, the price was rejected at the 1M PP and may retest the 1W PP, a level that previously acted as support. If the 1W PP fails to hold as support, a test of the 1Y PP could follow.It's important to note that the 6-month low was at 2349.44 and the 3-month low at 2536.855, which could once again serve as potential support levels. However, a decline to these points seems unlikely at this stage without further confirmation.
The bullish outlook remains intact, despite the recent close below the 1M PP. If the price breaks and sustains below the 1W PP, it would confirm a potential continuation to the downside.
In summary, the bullish perspective prevails, and downside movement will only become plausible with clear confirmation.
No Nonsense. Just Really Good Market Insights. Leave a Boost
TradeWithTheTrend3344
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