Staying below the key resistance level of 1800.00, XAU / USD is in the mid-term bear market zone.
In case of a breakdown of the local support level of 1738.00 (yesterday's lows), the XAU / USD decline will continue towards the long-term support levels of 1685.00 (Fibonacci level 61.8% of the correction to the growth wave since November 2015 and the level of 1050.00), 1670.00, 1605.00. A breakdown of the support level 1560.00 (Fibonacci level 50%) will increase the risks of the XAU / USD transition into a long-term downtrend.
In the alternative scenario and after the breakdown of the local resistance level of 1771.00, further growth of XAU / USD is possible with intermediate targets at the resistance levels of 1786.00, 1795.00, 1800.00.
Trading recommendations
Sell Stop 1737.00. Stop-Loss 1761.00. Take-Profit 1700.00, 1685.00, 1670.00, 1605.00, 1560.00
Buy Stop 1761.00. Stop-Loss 1737.00. Take-Profit 1771.00, 1786.00, 1790.00, 1795.00, 1800.00, 1835.00, 1900.00, 1916.00, 1963.00, 1976.00, 2000.00, 2010.00
*) XAU/USD: Current Fundamental Analysis and Market Expectations
**) the most up-to-date "hot" analytics and trading recommendations (including entries into trades "by-the-market") - https://t.me/fxrealtrading
