Gold- Real break under 2300 this week?
Updated
As you know, I have been bearish on gold for more than two weeks now.
Not only has this opinion remained unchanged, but it has also been reinforced by last week's price action.
As seen in the posted chart, after dropping below the 2300 zone, gold started a normal correction.
Importantly, last week, we experienced a false break above the 2340 resistance, resulting in a strong bearish engulfing pattern on our daily chart.
The week closed exactly on the ascending trend line of the correction that started after the 2385 low, and now the price is in a normal rebound.
This rebound could give us an opportunity to open short trades against last week's high.
For short-term targets, 2385 could be a good point for booking profits.
However, I am convinced that, after a clear break below 2300, gold will drop significantly and reach the 2200 zone.
Not only has this opinion remained unchanged, but it has also been reinforced by last week's price action.
As seen in the posted chart, after dropping below the 2300 zone, gold started a normal correction.
Importantly, last week, we experienced a false break above the 2340 resistance, resulting in a strong bearish engulfing pattern on our daily chart.
The week closed exactly on the ascending trend line of the correction that started after the 2385 low, and now the price is in a normal rebound.
This rebound could give us an opportunity to open short trades against last week's high.
For short-term targets, 2385 could be a good point for booking profits.
However, I am convinced that, after a clear break below 2300, gold will drop significantly and reach the 2200 zone.
Note
XauUsd is flirting with my sell zoneNote
XauUsd reversed exactly from my sell zone.A drop under 2320 would confirm my outlook and accelerate losses towards 2300 and under afterwards
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