XAUUSD in a clear downtrend. Lower highs intact.
GOLD (US$/OZ) TVC:GOLD
Major Support Area: 4375, 4241 (these are the levels that we can target as the GOLD continues to move downwards.
Resistance Area: 4545, 4661
Our strategy is to SELL on rallies. Meaning, we wait for it to have a pullback upwards and not chasing prices.
Gold remains under pressure as USD strength and elevated yields continue to cap upside. Price is respecting resistance and showing signs of continuation to the downside. Watching for a break below key support to confirm further bearish momentum.
Gold is trading in a bearish trend, respecting resistance and forming lower highs. Bias remains to the downside unless key resistance is reclaimed.
source https://www.tradingview.com/chart/GOLD/0kNd2Drk-XAUUSD-in-a-clear-downtrend-Lower-highs-intact/
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