XAUUSD - GOLD - Possible setup.
Gold has shifted its structure from bullish to bearish on the daily timeframe. On the 1H timeframe, it is forming a lower low, lower high pattern.
The immediate resistance is at 2578. A breakout above this level could lead to a move towards 2603. However, if the 2578 resistance holds, gold is likely to retest the support zone at 2548-2538. A breakdown below this support could push the price to the next buying level around 2514.
The immediate resistance is at 2578. A breakout above this level could lead to a move towards 2603. However, if the 2578 resistance holds, gold is likely to retest the support zone at 2548-2538. A breakdown below this support could push the price to the next buying level around 2514.
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