🔸Hello traders, today let's review 2daily price chart for gold. Heavy rejection from strong overhead resistance near 2075, sliding S/R contained the bull run once again.
🔸2015/2020 usd weak horizontal S/R price level, once bears take it out expecting strong sell side pressure to accelerate, targeting 1950 and 1900 usd.
🔸While the gold price chart looks strong in hindsight, the V-shape recovery already completed near 2075 usd and therefore and further upside is very limited, pullback/correction required before we can resume the uptrend.
🔸Recommended strategy position traders: BEARS should wait for weak S/R breakdown near 2015/2020 usd, and short sell initial target is 1900/1950 usd. final TP bears is 1785 usd, however keep in mind this is a swing trade setup, so naturally more time required to hit final TP. good luck!
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expecting breakdown soon
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