XAUUSD Potential for Bearish Continuation | 18th October 2022

On H4, with the price moving below the descending channel and ichimoku cloud , we have a bearish bias that the price may drop from the sell entry at 1653.795, which is in line with the overlap resistance to the take profit at 1612.494, where the swing low and 61.8% fibonacci projection are. Alternatively, the price may rise to the stop loss at 1681.232, where the 50% fibonacci retracement and overlap resistance are.

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Chart PatternsTechnical IndicatorsTrend AnalysisXAUUSD

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