@fx.strategies: Is #xauusd ready to drop? Let's see what the chart is telling us? Time Frames: 4H, 1H On gold, we’re focusing on the last higher low (HL) structure. After the price formed the last higher high (HH), bearish pressure kicked in, creating smaller lower highs (LHs). This pressure eventually broke through the HL zone, forming the first lower low (LL), signaling the start of a downtrend. We also have a 0.618 retracement aligning with the HL zone. Now, we're waiting for a retest to confirm the lower high (LH) and look for a continuation down. Meanwhile, on the lower time frames (LTF), we can look for further continuation setups if the price doesn’t give us the major retest scenario.

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Thursday 10 October 2024 14:43:59 GMT