XAUUSD is seeing strong bearish momentum from our descending trend line. It is also seeing big resistance at the 1794 area. Price might react from here pushing prices down to 1756 area.
Stochastic is also testing the 95% resistance level where historically, price has reversed multiple times before.
Trading Recommendation
Entry: 1794
Reason for Entry:
Descending trend line resistance, 78.6% fibonacci retracement, overlap resistance
Take Profit: 1756
Reason for Take Profit:
Overlap support, 38.2% Fibonacci retracement
Stop Loss: 1.89148
Reason for Stop Loss:
88% Fibonacci retracement
