GOLD (XAUUSD) Looks Very Bearish! Here is Why
Updated
after a sharp bullish movement on gold yesterday on the hourly chart,
the price stabilized and was quite weak during the US session.
analyzing the price action we see a sequence of lower highs and bullish reactions from 1885 setting equal lows.
it is a classic descending triangle formation and it is a bearish biased pattern.
in case if bears manage to close below its horizontal support on hourly, the price will drop.
first goal will be 1872.5
if we set a new higher high higher close on hourly, setup will be invalid.
Trade closed: target reached
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