XAU/USD Further Drop Expected

2 min read
Nenad Kerkez

Nenad Kerkez

Head of Trading

The XAU/USD (Gold) is in a strong downtrend. As we can see on the CAMMACD full template, there is still a scope for more bearishness this week. Considering the bearish zig-zag that perfectly fits into trigonometrical progression channel and Andrew Pitchfork the zone for short entries is clear

The trend on the GOLD is down. In order to make a positional sell, we need a retrace. CCI should be overbought. The price is within the channel boundaries now and it may proceed straight down within the Andrew’s Pitchfork and below W L4 1279.91. However, if we see a retracement, pay attention to the POC zone 1296-1300 (Yesterday’s High, 23.6, M L3). The zone could reject the price down into the channel and towards the camarilla pivots. Targets are 1279.81, 1265.40 and 1255.00. Ideally, the price should stay below the W H3 1305.80 for bears to dominate.

Gold technical analysis

Source: XAU/USD CAMMACD chart

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