๐ก XAUUSD: Signs of price reversal
- Gold experienced a decline on Friday, bouncing back from the resistance level after showing weakness during the preceding Thursday's upward movement. This indicates the continued influence of a dominant force from above. The daily (D1) chart for gold depicts a sideways structure with an overall inclination towards price appreciation.
- Following an accumulation around the resistance zone, the hourly (H1) gold chart witnessed a breakdown, pushing the price downward and reaching the lower boundary. This development hints at the potential formation of a bearish price structure and a robust downward momentum. Today's primary strategy is to anticipate a rebound in H1 gold for selling opportunities at higher levels. If the price is once again propelled above the aforementioned resistance, it signals a resurgence of strength, providing a foundation to consider buying H1 gold.
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What do you think about Gold today ?
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