XAU/USD has nearly clinched the $1,800 price level but seems to be encountering downward forces. Consequently, this has pulled down a considerable part of the recently gathered profit, yet more may be lost to downward forces in this market.
Important price Levels:
Top Levels: $1,800, $1,830, $1,860
Floor Levels: $1,790, $1,750, $1.720
XAU/USD Lost Most of the Profit From the Past Two Trading Sessions
Two more sessions have taken place since we last saw profits being made in the XAU/USD market. Consequently, the bears have been in control since then. Yet, even at this point, it is more likely that more losses may be recorded. Price action on the daily chart continues to move closer to the Moving Average line of the Bollinger band indicator. Also, the MACD lines appear a bit mangled near the 22.09 and 21.65 marks. Furthermore, the Stochastic RSI indicator lines have delivered a bearish crossover under the 50 mark. The activities on the RSI and the MACD are both pointing to the fact that this market may witness more downward forces, and the price will fall lower.
XAU/USD Downward Retracement Is Progressing
On the 4- hour market, the XAU/USD price downward price retracement can be to be progressing. Here the price of candles has crossed below the Moving Average line. Meanwhile, the MACD indicator to has given a bearish crossover above the equilibrium level. Additionally, the lines of this Indicator appear more like it has taken a downward bearing. Furthermore, the Stochastic RSI lines can be perceived as plunging toward the oversold region, precisely at the 38.81 and 19.49 levels. Adding up signs from the Bollinger, Moving Average Convergence Divergence, and the Stochastic RSI indicators, traders can expect XAU/USD price to fall lower towards the $1,770 price level.
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