The gold price failed to maintain its bullishness even after it had broken above a 2-month falling trendline.
The break came on the first trading day where a strong bullish candle pierced through the top of the range at 1288 together with the falling trendline.
However, the bear came in unexpectedly strong, recover all losses and ended up closing with a bearish candle with a long upper shadow in the weekly chart.
Nevertheless, the price continued to stay supported above 1270.
This week, the gold is still likely to fall further as the bear has proven strong, and the price will eventually retest 1270 again.
Should the price retrace at first, look for sell opportunity at 1288 supply zone.
The break came on the first trading day where a strong bullish candle pierced through the top of the range at 1288 together with the falling trendline.
However, the bear came in unexpectedly strong, recover all losses and ended up closing with a bearish candle with a long upper shadow in the weekly chart.
Nevertheless, the price continued to stay supported above 1270.
This week, the gold is still likely to fall further as the bear has proven strong, and the price will eventually retest 1270 again.
Should the price retrace at first, look for sell opportunity at 1288 supply zone.
