10.06.202109:18 Forex Analysis & Reviews: Daily Video Analysis: XAUUSD facing bearish pressure, potential for further downside!


Today we take a look at XAUUSD. Combining advanced technical analysis methods such as Fibonacci confluence, correlation, market structure, oscillators and demand/supply zones, we identify high probability trading setups. Price is holding below the descending trendline resistance and MACD is holding below the 0 line, showing signs of bearish pressure. We could potentially see a reversal at sell entry level, in line with 38.2% Fibonacci retracement and descending trendline resistance, and further downside towards our take profit level, which is in line with -61.8% Fibonacci retracement and horizontal pullback support.

*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
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Show more
Can't speak right now?
Ask your question in the chat.