"So, GOLD has lost one of its important supports (1896 ~ 1902). It is currently at the lowest price in the last 60 days. The price has formed a clear CHOCH on the 1H and 4H time frames, and the trend has remained bearish after losing the support.
The first scenario involves being rejected after retesting the previously lost structure around 1896 ~ 1902 and then making a direct move towards 1980. Following that, we might observe a consolidation phase around that area.
The second scenario entails breaking the 1980 support zone, retesting it, and potentially going deeper to 1860.
Today's news appears to be unfavorable for GOLD, leading to our next resistance zones at 1880 and 1860.
My recommendation is to go short until we witness a solid breakout at 1907 ~ 1912.
Good luck, everybody."
XAUUSD
XAUUSD
GOLD
The first scenario involves being rejected after retesting the previously lost structure around 1896 ~ 1902 and then making a direct move towards 1980. Following that, we might observe a consolidation phase around that area.
The second scenario entails breaking the 1980 support zone, retesting it, and potentially going deeper to 1860.
Today's news appears to be unfavorable for GOLD, leading to our next resistance zones at 1880 and 1860.
My recommendation is to go short until we witness a solid breakout at 1907 ~ 1912.
Good luck, everybody."
XAUUSD
XAUUSD
GOLD