Turning Down
Our Pivot: 1856.40
Our Preference: Start short selling XAUUSD below 1851.50 with strict stop loss of 1856.40 and profit target at 1845 with extension towards 1839 and 1831.
Alternate Scenario: Upward penetration of 1856.40 will call for 1861 and 1867.
NOTE: XAUUSD is being capped by a resistant trend line on hourly chart after facing rejection from its intraday correction levels. Breakout below 1839 will call for a sharp bearish rally.
Chart with supports & resistances:
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