Gold- Bears took control. Will it last?

In light of my analysis from two days ago, I have chosen to close my long trade yesterday morning on XAUUSD at break-even.
This decision proved to be sound, given that Gold broke below 2040 during yesterday's trading session.

At present, nearly all recent reversal is negated, and the price has returned to confluence support. While this crucial level has not been breached yet, the overall outlook appears bearish at this time.

Two unsuccessful attempts to surpass the 2060 mark have occurred, and notably, a lower high may be established at that level. A breach below the 2020 zone would shift the medium-term trend to bearish, potentially leading to a drop to 1930, with interim support at 1980.

My strategy for initiating a swing trade is to adopt a cautious stance and observe with a bearish bias in mind.

Kommentera:

XauUsd is under support

Kommentera:

The break of 2020 support is genuine