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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.
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.
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