XAUUSD:Trading advice for the day

Gold appeared in an engulfing pattern on Friday, where the day's long black candlestick engulfed the white candles of the previous two trading days. This pattern is seen as a reversal signal indicating that gold's rally may be over and may fall further. Monday's trend is expected to extend the decline, while the upper area between 1950-1960 will become a resistance zone. Personally, I believe that even if gold steps back, it may be a weak retracement without a reasonable rebound.

The chart shows the price movement of gold. According to Friday's analytical chart, the horizontal pressure above is located around 1985, and the support below is around 1930, forming a range of 1930-1985. The current intraday shows gold prices moving downwards in oscillations and this volatile downward trend is expected to continue. Shengfu believes that gold prices may test the support level of 1930 again. At present, the price of gold has fallen below the level of 1950, so the probability of continuing to test 1930 is higher.

gold:sell@1950-1960 tp1945-1940

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1960 resistance

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