Gold Breaking Trendline
Updated
As we can see from the daily timeframe, gold rejected the daily resistance at 1808 yesterday and closed below 1784 and the daily trendline. Based on my analysis on Monday, I've said that a daily close below the trendline would give us a clear short bias. A thing to take note also is notice gold had formed 4 consecutive inside bars and yesterday we finally had that bearish breakout. So, the bearish bias has confirmed and what I'm waiting now is a potential retest of the 1784 level and then take a sell. My intraday target will be at 1764.
Note
1764 Target achieved. So far bias remains unchanged, still bearish.
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