FX.co ★ Daily Video Analysis: XAUUSD is approaching resistance, potential for further drop!

Today we take a look at XAUUSD. Combining advanced technical analysis methods such as Fibonacci confluence, correlation, market structure, oscillators and demand/supply zones, we identify high probability trading setups. XAUUSD is facing bearish pressure and is approaching our resistance level at 1778.63, which is line with our 23.6% Fibonacci retracement level, where it could potentially drop further to our support level at 1752.64, in line with our 127.2%, 78.6% Fibonacci extension levels, and -27.2% Fibonacci retracement The EMA (34) also shows bearish pressure in line with our analysis.