Gold Trendline Breakout
Updated
Gold formed a bearish engulfing candle on the daily timeframe yesterday, rejecting out of the daily resistance zone. Price action on the H4 time frame had a trendline breakout to the downside. Price is rebounding after hitting a key psychological level around 1775. My bias is bearish and I'm waiting for a potential sell setup if price rejects the minor H4 level at 1783 or worst case scenario rejecting the daily resistance once again. Profit target will be at 1765.
Note
Price did not pullback to 1782. Waiting for the next potential setup which is a break and retest of 1774. Bearish bias still active and still expecting price hit 1765.
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