XAUUSD - Price rejects 1860 - Downtrend Potential Rises
XAUUSD has taken a dive off the 1860 critical zone I marked up yesterday
Now the 1860 mark plays as the top of the bearish channel
Note the red cresting top
this would allow us to continue to drop down to $1816 then down to $1770 area
We could potentially see bottom channel lows into then $1730 area before we retrace back up
Potentially we also see a resistance around $1835 to retest the $1860 zone and see if we will break out of this bearish channel
The green arrow shows the potential risk movement event with high volatility based around 12:30 - 2:30 EST tomorrow 1.14.2021 FED Speech - most likely about stimulus money and printer going BRRRR
This should be USD negative and give a boost to XAU but we have seen some crazy stuff happen this past week
NFP should have been an XAU positive and gold ended up selling off
If we break below $1835 I feel like we will continue down hard
A break above $1866 would give us potential to continue up
Enjoy and Happy Trading!
Now the 1860 mark plays as the top of the bearish channel
Note the red cresting top
this would allow us to continue to drop down to $1816 then down to $1770 area
We could potentially see bottom channel lows into then $1730 area before we retrace back up
Potentially we also see a resistance around $1835 to retest the $1860 zone and see if we will break out of this bearish channel
The green arrow shows the potential risk movement event with high volatility based around 12:30 - 2:30 EST tomorrow 1.14.2021 FED Speech - most likely about stimulus money and printer going BRRRR
This should be USD negative and give a boost to XAU but we have seen some crazy stuff happen this past week
NFP should have been an XAU positive and gold ended up selling off
If we break below $1835 I feel like we will continue down hard
A break above $1866 would give us potential to continue up
Enjoy and Happy Trading!
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