Downside Prevails
Our Pivot: 1724
Our Preference: Start short selling XAUUSD below 1716.00 with strict stop loss of 1724.00 and profit target at 1702.00 with extension towards 1690.
Alternate Scenario: Upward penetration of 1724.00 will call for 1730 and 1736.
NOTE: XAUUSD is being capped by a descending trend line.
Chart with supports & resistances:
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