Innovative_Trading_Systems
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The chart shows a Fibonacci retracement on the 1-hour timeframe for XAUUSD (Gold vs. USD). Key observations:Current Price: 2,860.88Fibonacci Levels:0.236 (2,846.78) – Key support level0.382 (2,854.51) – Immediate support0.5 (2,860.76) – Price is hovering around this level0.618 (2,867.00) – Resistance0.786 (2,875.90) – Strong resistanceBearish Engulfing Pattern: This suggests possible downward pressure.Possible Scenarios:1. Bullish Case:If price breaks and holds above 2,867 (0.618), it may test 2,875 (0.786) and higher.2. Bearish Case:If price fails to hold above 2,860.76 (0.5 level), it could drop towards 2,854 (0.382).Further downside could see 2,846 (0.236) and even 2,834 (0% Fib level).Given the bearish engulfing pattern and current struggle near 0.5 Fib, a drop towards 2,854 or 2,846 is likely unless bulls reclaim 2,867.
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Any content and materials included in Sahmeto's website and official communication channels are a compilation of personal opinions and analyses and are not binding. They do not constitute any recommendation for buying, selling, entering or exiting the stock market and cryptocurrency market. Also, all news and analyses included in the website and channels are merely republished information from official and unofficial domestic and foreign sources, and it is obvious that users of the said content are responsible for following up and ensuring the authenticity and accuracy of the materials. Therefore, while disclaiming responsibility, it is declared that the responsibility for any decision-making, action, and potential profit and loss in the capital market and cryptocurrency market lies with the trader.