XAUUSD Potential for Bearish Drop| 16th August 2022

On the H4, with prices breaking along the ascending channel and there is a bearish divergence of price and MACD , we have a bearish bias that the price may drop from the sell entry at 1771.772, which is in line with the pullback support to the take profit at 1752.956, which is in line with the pullback support and 38.2% fibonacci retracement . Alternatively, the price may rise to the stop loss at 1802.402, which is in line with the 61.8% fibonacci retracement and swing high.

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