Gold could have change the trend in mid-term

As explained in yesterday's video, after a short-term consolidation above 2400, which formed a descending triangle, XAUUSD dropped significantly in the middle of last week, reaching the 2330 support zone and forming a large bearish engulfing pattern on our weekly chart.

There is a likelihood of a mid-term trend reversal, with the price potentially falling below 2300 to revisit the 2280 support zone.

My strategy is to sell during rallies, with the negation of my view above 2380.

Kommentera:

On short term, XauUsd is making higher lows
Now there is a minor resistance at 2347 and in case of a break, correction to last week's drop could drive the price to 2375 resistance.
Short term traders could watch this level for long entries

Handel aktiv:

At this moment, Gold broke above the resistance of the small ascending triangle and is running with 50 pips profit.
The target for the triangle is around 2363