FX.co ★ 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 facing bearish pressure as the MACD is under the 0 line, in line with our bearish bias. Price could potentially reverse at our sell entry level, in line with our 61.8% Fibonacci retracement, and drop further to our take profit level which is in line with our -27.2% Fibonacci retracement.