Forex Market Analysis

XAUUSD Major Bear Move Ahead

The arc was holding as a strong support zone for gold, but we have ultimately seen it breakdown and out from that area. We have had an extended bear flag on this chart since the 21st of May and when combining Gann’s Market geometry with the Ichimoku system, we can see a clear and strong sell signal has been generated with both of these methods of analysis. I am targeting the 1282.68 zone as my first profit target area but we should and could see some support off of the 1×2 angle below us at the 1292.5 value area.

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