GOLD (XAUUSD) Looks Very Bearish! Here is Why

after a sharp bullish movement on gold yesterday on the hourly chart,
the price stabilized and was quite weak during the US session.

analyzing the price action we see a sequence of lower highs and bullish reactions from 1885 setting equal lows.
it is a classic descending triangle formation and it is a bearish biased pattern.

in case if bears manage to close below its horizontal support on hourly, the price will drop.

first goal will be 1872.5

if we set a new higher high higher close on hourly, setup will be invalid.

Trade closed: target reached