XAUUSD – Broken Below MT Key Support, Potential False Break (Daily chart)

Chris Capre 2ndskiesforex

Price Action Context

After reversing slightly ahead of the multi-year resistance we mentioned here on the 20^th of February, MT, the bearish order flow seems to be increasing and in the past week, bears managed to produce a break and close below a MT key support, opening up further downside.

Trending Analysis

MT bias changed to bearish and bears can look for potential shorting opportunities around the broken key support, now resistance.

Key Support & Resistance Zones

R: 1 275 – 1 287
S: 1 233 – 1 243

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Author

Chris Capre

2ndskiesforex

Chris Capre is a professional forex trader and mentor specialized in Price Action trading, and the Ichimoku Cloud.

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