GOLD UPDATE, Resistance Confirmed, Setting Up For Another Leg!

Hello Traders Investors And Community, welcome to this update-analysis where we are looking at GOLD 1-hour timeframe perspective, the recent events, the current structural importances, what to expect next times, what to not expect and how to handle the situation appropriately. A mentioned in previous analysis and expected GOLD confirmed its huge resistance between the 2010 and 2030 level bearish where it now showed an increased volatile bearish move to the downside confirming the bear-flag-formation it has formed, if you did not saw this analysis already I highly recommend you watch it when going to my account, for now, GOLD is still moving above the 1000-EMA, therefore, it is important if it holds this level where the possibility is quite marginal or it falls below and continues bearish to the downside which is a much more likely scenario currently, in this case, I detected the important levels to consider now.

Looking at my chart you can watch there the confirmed bear-flag-formation together with the coherent wave-count overall confirming the bearish pace here, currently GOLD has found some marginal support at 1915 where it bounces a little but this bounce is not strong and is directly trading into resistance which is the 200-EMA marked in red in my chart, when GOLD approaches this EMA it has a high possibility to confirm bearish and bounce from this level, GOLD is not yet over with its bearish declines therefore we can expect a consolidation here in the range between the 200-EMA and 1000-EMA before forming another sudden leg to the downside which is the most possible scenario at the moment, currently, there is not much potential given for new highs the next times as strong resistance levels lying there and the established bearishness should not be ignored, possible entries can be after a bounce from 200-EMA or fall below 1000-EMA.

In this manner, thank you for watching, support for more market insight, all the best!

Information provided is only educational and should not be used to take action in the market.

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ANALYSIS UPDATE: GOLD moved within the range and emerged with huge bearish pullbacks since moving into the 200-EMA.

GOLD after confirming the pullbacks off the 200-EMA and horizontal resistance accelerate the bearish momentum into the lower short-side target levels.