XAUUSD is holding below the 50period MA showing a potential bearish momentum. Price is expected to push down from the pivot level in line with 23.6% Fiboonacci retracement, towards the take profit level in line with 61.8% Fibonacci retracement and 61.8% Fibonaaci extension. Our bearish bias is also further supported by the price holding below the Ichimoku cloud .

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