GOLD has significantly rallied above 1980 recently after a massive sell off seen last week. The gold showed up an expanding channel breakout recenly and here we see a possible sell zone over the current market price levels which cause gold to dump and experience severe damage to its price. Here we expect a reversal on the resistance formed in order to retrace back towards the trend line formed and also the key levels identified.
Note
As expected the Major resistance formed on top level as per the analysis done, the price respected the level with a strong rejection and the daily candle gets closed below the level.
Note
Gold also respected the upper boundary formed with the growing channel created. A bearish impulse will be identified towards 1960-1950
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.