XAUUSD is currently forming a bearish cypher pattern on the chart. This pattern is characterized by a series of diagonal lines that converge towards a pivot point, which suggests that the market could be ready to make a reversal. Based on the current positioning of the pattern, it looks like XAUUSD could potentially make a move towards the 1808 level from its current high at 1864. To help mitigate potential losses, it might be a good idea to consider placing a stop loss at 1877.
It is important to note that this is just a potential scenario and it is always crucial to use proper risk management techniques when trading. Keep an eye on key economic events and news releases that could impact the price of XAUUSD, and always do your own research and due diligence before entering any positions.
It is important to note that this is just a potential scenario and it is always crucial to use proper risk management techniques when trading. Keep an eye on key economic events and news releases that could impact the price of XAUUSD, and always do your own research and due diligence before entering any positions.
