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Goldidea

XAUUSD may drop 500 pip to weekly support!Market open with little higher on GOLD and volume has from bears to drive the price below in the first session to 4040.00 signaling potential break of daily support and move back to weekly low. If we see the structure, it is more of strong multiple liquidity grab of the resistance level showing possible liquidity sweep by sellers giving a high probability for the market to continue to drop weekly low at 4000 level. We are on a sell trade at 4055.00 and execting to drop t below 4022.00 or lower. Drop a comment if you have questions and follow for more updtes!
FX:XAUUSDShort
by ForexWizard01
Ending US G. shutdown could bring GOLD to daily support?US government shutdown has slowed longer term trend on XAUUSD with 2 weeks of bearish move finally formed an weekly inside bar which is the lowest volatity in the last 12 weeks! however, as there is bearish rejection, with potential ending of shut down could lead GOLD to drop again to the daily support to 3885.00 or lower? as 3 weeks price action is showing a continued bearish move, any break from the weekly high, price may bring the price back below the weekly low which potentailly create a lowertimeframe bearish trend. Therefore, weekly high is to watch for possible rejection, once price rejects, once down trend coinfirms, we will be looking for sell set up to daily support level.
FX:XAUUSDShort
by ForexWizard01