📍 The safe heaven metal has reached the 2020 high around 2069.00 and felled towards 1861.00 on the fourth day after reaching the historical high. The key psychological level 2000.00 was broken and the price was currently trading around 1900.00
📍 Yesterday its felled below the 1900.00 level broadly. And formed a bearish engulfing candle. The lower side trend line was broken
📍 The price has felled below the 23.6% Fibonacci retracement level. We may expect a retest up to this level and will resume the bearish trend. As the investors are worrying about the pandemic situation and global consumer demand. And the consumption was drastically reduced in recent days
📍 1950.00 is a minor psychological level and high volume area. if the price below this level the bear will eye on 1765.00 as longer time target.
📍 50 Exponential moving average is acting as support for the bearish trend But the hurdles are ahead for the bear as 100 EMA, 200 EMA below the current price will act as a resistance. We may expect minor rebound from this exponential moving average
📍 On Elliot wave principal the corrections wave from A to E has formed after the completion of E wave the sudden drop was happened. And the impulse wave from 01 to 05 is already completed. We can expect a minor correction waves of ABC will be formed on major timeframe.
📍 RSI is felled below the 50 mark in day chart. And MACD is turned red and oscillators are pointing downwards
📍 Ichimoku cloud is turned flat and the baseline is acting as support for the bear
Check the below chart i have published earlier in
XAUUSD
Please give us a thumbs up if u like our work and do follow us so that you can get a regular update about upcoming setups and ideas
📍 Yesterday its felled below the 1900.00 level broadly. And formed a bearish engulfing candle. The lower side trend line was broken
📍 The price has felled below the 23.6% Fibonacci retracement level. We may expect a retest up to this level and will resume the bearish trend. As the investors are worrying about the pandemic situation and global consumer demand. And the consumption was drastically reduced in recent days
📍 1950.00 is a minor psychological level and high volume area. if the price below this level the bear will eye on 1765.00 as longer time target.
📍 50 Exponential moving average is acting as support for the bearish trend But the hurdles are ahead for the bear as 100 EMA, 200 EMA below the current price will act as a resistance. We may expect minor rebound from this exponential moving average
📍 On Elliot wave principal the corrections wave from A to E has formed after the completion of E wave the sudden drop was happened. And the impulse wave from 01 to 05 is already completed. We can expect a minor correction waves of ABC will be formed on major timeframe.
📍 RSI is felled below the 50 mark in day chart. And MACD is turned red and oscillators are pointing downwards
📍 Ichimoku cloud is turned flat and the baseline is acting as support for the bear
Check the below chart i have published earlier in
XAUUSD
Please give us a thumbs up if u like our work and do follow us so that you can get a regular update about upcoming setups and ideas
Trade active:
Price is approaching the 38.6% fibo
