GOLD (XAUUSD): Technical Outlook & Important Things to Watch 🥇

Gold remains very weak for 2 weeks.
Analysing a daily time frame, we can see that the market is consolidating and trading
within a very narrow range.

The last 4 daily candles are even trading within the range of a strong bullish candle.
That is a perfect example of inside bar formation.

Depending on the reaction of the price to the boundaries of that range,
I see 2 potential scenarios.

If the price breaks and closes below a 2015 level - the support of the range,
for us, it will be a strong bearish confirmation.

A bearish continuation will be expected at least to 1992 level then.

Alternatively, bullish breakout of 2044 will be a strong bullish signal,
that will push the prices at least to 2054.

Following my previous analysis, I remain bearish biased on Gold and bearish scenario
is more highly probable, but let's see.

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