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Technical Analysis
XtreamForex Daily Technical Analysis
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[QUOTE="xtreamforex, post: 165208, member: 35633"] [B][SIZE=6][COLOR=#ff0000]Overview of Gold – Bearish Sentiment Seen in This Week[/COLOR][/SIZE][/B] [COLOR=#000000]The XAU traded lower against the USD and closed at 1280.34. What do we have in the shiny material? 1) Bearish ABCD Pattern. 2) "C" @ 50% Retracement. 3) "C" @ Monthly Pivot. 4) "C" @ the Value Area Low of - 2 Week. 5) "C" forms a Double Top in it - self, followed by 61.8% retracement. 6) Forms a support trendline from D1 Pivot Candles. Scenarios:[/COLOR] [LIST=1] [*][COLOR=#000000]Bulls need to break above Month Pivot.[/COLOR] [*][COLOR=#000000]Bears need to break below the D1 support trend line.[/COLOR] [/LIST] [COLOR=#000000]According to the Analysis, The XAU/USD pair is expected to find support at 1277.77, and a fall through could take it to the next support level of 1275.20. The pair is expected to find its first resistance at 1284.25, and a rise through could take it to the next resistance level of 1288.16. XAU USD Previous Day range was 6.48 and Current Day Range is 31100.[/COLOR] [/QUOTE]
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