GOLD { XAUUSD}: Another Bearish Setup
Yesterday, gold prices shifted dramatically, hitting a new all-time high close to the psychological level of 2,600, which formed a bull trap and a bearish engulfing candle on the daily chart.
When analyzing the hourly timeframe, gold broke through two significant intraday structures: a horizontal support level and a rising trend line, all with a single bearish candle.
This breach has established an expanding sell zone. I anticipate a bearish movement toward the support levels at 2546 and 2533.
When analyzing the hourly timeframe, gold broke through two significant intraday structures: a horizontal support level and a rising trend line, all with a single bearish candle.
This breach has established an expanding sell zone. I anticipate a bearish movement toward the support levels at 2546 and 2533.
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