XAUUSD Potential for Bearish Momentum
On the H4, with price moving below the ichimoku cloud and in a descending trendline, we have a bearish bias that price will break the intermediate pullback resistance at 1714.80 and rise to the sell entry at 1742.61 at the swing high in line with the 23.6% fibonacci retracement. Afterwards, price will drop to the take profit at 1675.98 in line with the 100% fibonacci projection and swing low support on the daily timeframe. Take note of intermediate support at 1696.26 and intermediate pullback resistance at 1714.80. Alternatively, if price breaks the intermediate pullback resistance at 1714.80, price may rise to the sell entry at 1742.61 at the swing high in line with the 23.6% fibonacci retracement. If price breaks the sell entry, we have upside confirmation that price will continue to rise to the stop loss at 1786.64 at the pullback resistance in line with the 50% fibonacci retracement.
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Please be advised that the information presented on TradingView is provided to Vantage (‘Vantage Global Limited’, ‘we’) by a third-party provider (‘Everest Fortune Group’). Please be reminded that you are solely responsible for the trading decisions on your account. There is a very high degree of risk involved in trading. Any information and/or content is intended entirely for research, educational and informational purposes only and does not constitute investment or consultation advice or investment strategy. The information is not tailored to the investment needs of any specific person and therefore does not involve a consideration of any of the investment objectives, financial situation or needs of any viewer that may receive it. Kindly also note that past performance is not a reliable indicator of future results. Actual results may differ materially from those anticipated in forward-looking or past performance statements. We assume no liability as to the accuracy or completeness of any of the information and/or content provided herein and the Company cannot be held responsible for any omission, mistake nor for any loss or damage including without limitation to any loss of profit which may arise from reliance on any information supplied by Everest Fortune Group.
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