XAUUSD False Breakout and Continuation of Downtrend
מעודכן
This XAUUSD chart shows the price fluctuating within a descending channel with clear support and resistance levels. A 'false breakout' occurred when the price exceeded the resistance level of 2,663.709 but failed to sustain the upward momentum, quickly returning to the descending channel. This situation may mislead investors by creating false expectations of a continued uptrend.
After temporarily breaking the resistance at 2,663.709, the price could face a correction and continue the downtrend within the channel. The key support is identified at 2,592.096; if the price does not hold above this level, it is likely to drop further.
The EMA(34) and EMA(89) are reinforcing the short-term bearish trend. Traders should closely monitor the channel's development to adjust their trading strategies accordingly.
After temporarily breaking the resistance at 2,663.709, the price could face a correction and continue the downtrend within the channel. The key support is identified at 2,592.096; if the price does not hold above this level, it is likely to drop further.
The EMA(34) and EMA(89) are reinforcing the short-term bearish trend. Traders should closely monitor the channel's development to adjust their trading strategies accordingly.
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