XAUUSD High Time Frame Analysis 09/23/23
Downward pressure has been mostly neutralized and we have been in consolidation since the the last major structure break, 4 or 5 months ago. Unless we break 1900s, I don't see bears taking over.
Late August we see a structure break from the consolidation but it is still too early to consider that a dependable break.
We have a monthly key level at 1900ish with the one after that around 1866. That will complicate price action alot as we are approaching strong psychological levels with a concurrent minor pull back trendline from the bigger structure.
Once price gets to 1902 area (1912 - 1897) maybe sometime this week, we can see if we it rejects it and bounces back up to 1925 to 1945. Or if it accepts it and retests and drops down to 1883 or 1866. That won't be for at least a week or two.
Late August we see a structure break from the consolidation but it is still too early to consider that a dependable break.
We have a monthly key level at 1900ish with the one after that around 1866. That will complicate price action alot as we are approaching strong psychological levels with a concurrent minor pull back trendline from the bigger structure.
Once price gets to 1902 area (1912 - 1897) maybe sometime this week, we can see if we it rejects it and bounces back up to 1925 to 1945. Or if it accepts it and retests and drops down to 1883 or 1866. That won't be for at least a week or two.
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