XAUUSD Stop rally and Start of price correction
It seems that the gold rally is over and should prepare for a major correction to the 1706.
Among the important reasons for falling:
In this analysis, we see that a harmonic pattern (butterfly) has been formed, which is a strong bearish pattern and will cause a sharp drop in price.
After the price met the important and sensitive resistance of 1808 to 1810, it faced a negative reaction and sellers appeared. This range is also an upward trend line, which is considered a strong resistance.
We also see a very strong negative divergence that can push the price down.
The dollar index is also in a very strong and important support range, which has raised expectations for a good growth.
We expect the price to move in the coming days according to the simple wave we have drawn and touch the 1760, 1736 and 1706 targets.
Correction until 1706 will be about 50% of Fibonacci, which is very appropriate and necessary to rest and continue the upward trend.
If the daily candle closes in the same price range (below 1798), the expected price drop will be higher.
Good luck
Among the important reasons for falling:
In this analysis, we see that a harmonic pattern (butterfly) has been formed, which is a strong bearish pattern and will cause a sharp drop in price.
After the price met the important and sensitive resistance of 1808 to 1810, it faced a negative reaction and sellers appeared. This range is also an upward trend line, which is considered a strong resistance.
We also see a very strong negative divergence that can push the price down.
The dollar index is also in a very strong and important support range, which has raised expectations for a good growth.
We expect the price to move in the coming days according to the simple wave we have drawn and touch the 1760, 1736 and 1706 targets.
Correction until 1706 will be about 50% of Fibonacci, which is very appropriate and necessary to rest and continue the upward trend.
If the daily candle closes in the same price range (below 1798), the expected price drop will be higher.
Good luck
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