#XAUUSD (Intraday Perspective: Downside pressure below 1930.83)
We caught the reversal nicely on Gold. We are seeing a medium probability bearish scenario and 1880.69 marks a potential downside target for shorts, in line with our 61.8% fibonacci retracement. A break below our intermediate support level at 1895.96 would see the pendulum swing towards a run to our 1880.69 support target. Stochastic facing downside pressure from our resistance as well.
We caught the reversal nicely on Gold. We are seeing a medium probability bearish scenario and 1880.69 marks a potential downside target for shorts, in line with our 61.8% fibonacci retracement. A break below our intermediate support level at 1895.96 would see the pendulum swing towards a run to our 1880.69 support target. Stochastic facing downside pressure from our resistance as well.