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.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.