Gold’s Descent: Breaking support and looking ahead

Yesterday was not a bad day for Gold bears, with the price dropping around 150 pips, but more importantly, breaking under important confluence support around 1915.
As explained in yesterday’s post, this was the line in the sand and Gold under this level would bring bearish confirmation.
Going further, I expect XauUsd to continue its descent and I’m looking for a drop to the first technical level at 1885.
However, in the long run, 1855 is my target.
That being said, sell rallies is the strategy for me with an ideal entry between 1910-1915.

Keep in mind that gold is currently in a weakened state, and the broken support may not be retested. Therefore, signs of weakness above 1900 could also present good entry opportunities.

AudUsd- Navigating its downtrend: Where’s the bottom?

Aud is very weak and the recent drop is not only on the back of USD strength…
After the new failed attempt to stay above 0.68 important figure back in July, the pair started to drop hard and in this descent cleared some very important levels that should have provided support: 0.66 and 0.65
For more than a month now the pair is trading in a 150 pips range, but the break down looks imminent at this moment.
Looking at the posted chart we see how strong the 0.65 ceiling is and for AUD to reverse back up would take a lot of fundamental reasons that simply are not there.
In conclusion, any rallies above 0.64 should be sold and swing traders could target 0.6250.