XAU/USD Bearish structure with entry point!

2023年8月10日

In this analysis, we observe gold showing signs of weakness. This is indicated by a bearish channel originating from the 1980 level. Furthermore, there is evidence of decreasing swing highs and swing lows.

After the Consumer Price Index (CPI) data release, gold started to decline due to the strength of the dollar. It broke a swing low, which signifies the continuation of a bearish price structure. Despite this, it might be prudent to consider waiting for a retracement to the midline of the bearish channel. From there, one could await appropriate confirmations to enter a short position, with a potential target around 1900, corresponding to the previous swing low.

Please keep me updated on your thoughts. Wishing successful trading to all!