XAU/USD fresh bearish formation [Video]

Olimpiu Tuns Learn 2 Trade

The price of gold is trading in the red at 1,946 at the time of writing. The downside pressure remains high as the USD is bullish. Fundamentally, the United States ADP Non-Farm Employment Change came in better than expected at 324K versus 191K expected. This saturation could boost the USD and could punish the XAU/USD.

As you can see on the H1 chart, the rate challenges the flag’s support. The rebound was natural after its massive drop. Escaping from this pattern and making a new lower low activates a deeper drop.

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Author

Olimpiu Tuns

Learn 2 Trade

Olimpiu is a seasoned Market Analyst / Trader with 11 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks.

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