Gold could rebound, but trend is bearish on medium term

1 במאי

Following a very choppy price action that finalized a flag pattern, XAUUSD experienced a significant decline yesterday, amounting to a drop of 500 pips, breaching crucial horizontal support levels at 2315 and the 2300 mark, nearly reaching the support zone at 2270.

After such a substantial decline, a rebound is possible, though the medium-term trend currently favors a bearish outlook.
Resistance is now anticipated at 2315, presenting potential selling opportunities within that zone.

Conversely, a test of the 2270 support level could provide short-term traders with a favorable buying opportunity for a correction above 2300.