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 we see Stochastics has reversed from the upper resistance level where it has reacted off before. We could see a reversal at sell entry, which is in line with 161.8% Fibonacci extension and descending trendline resistance, and further drop towards our take profit levels, in line with 38.2% and 61.8% Fibonacci retracement levels.