10.06.202109:15 Forex Analysis & Reviews: XAUUSD reacting below descending trendline resistance. Drop incoming!

Exchange Rates 10.06.2021 analysis

XAUUSD is reacting below descending trendline resistance. With technical indicators showing room for further bearish momentum, a short term intraday drop below 38.2% Fibonacci retracement and 1st resistance at 1892.51 towards graphical overlap support at 1st support at 1874.13 is possible.

Trading Recommendation

Entry: 1892.51

Reason for Entry:

38.2% Fibonacci retracement, descending trendline resistance

Take Profit: 1874.13

Reason for Take Profit:

61.8% Fibonacci retracement

Stop Loss: 1900.20

Reason for Stop Loss:

Graphical swing high resistance

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Dean Leo,
Analytical expert
InstaForex Group © 2007-2021
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