CityIndex

Bears piled into gold ~2035, seeking move to 2000

Kort
FX_IDC:XAUUSD   Guld / USA-dollar
Bearish engulfing day saw it closed beneath $2020 - a level it has flirted with but mostly respected as S/R on a daily close basis. This level was also tested on the 1-hour chart - which means support became resistance.

A triple top formed on the 1-hour chart, and bears entered ~2035 to help it break below 2020, before volumes diminished. (Bears are short at the highs and may not want it to break back above the 2020 area - where a swing high formed on the 1-hour).

Daily low found support at the prior HVN (high volume node), so a bounce may be due.

We're ideally looking for a retracement towards / up to $2020 ahead of its next leg lower toward 2000 - 2005.

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