Nice identification of a bearish bat potential on XAUUSD and there may be bearish bias as you have identified. The resistance that we have identified is at 1236.82, which is just below your point D. It is a horizontal overlap resistance, with 61.8% & 100% Fibonacci extension. Stochastic is approaching its resistance at 95% and there may be bearish divergence where a corresponding reversal could occur. If a corresponding reversal does occur, we may want to look at the 1215.95 support level. Looking forward to seeing how things develop.
Please have a look at our idea and share with us what you think.
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