Yesterday, Gold reversed strongly from above 1930 leaving a large bearish engulfing on the daily chart. Although the long-term structure is bullish and 1895 could be the bottom, a new test of 1900 is not out of the question considering yesterday's sell-off. At this moment Gold is bearish under 1930 and bears could look to sell towards that zone. On the other hand, a break back above 1930 would form an H&S on our chart and would really mark a bottom for Gold under 1900. In conclusion, I'm slightly bearish at this moment keeping in mind the explained bullish arguments.
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