Hello traders, in my previous idea, I advised selling Gold@1895-1910 and then entered sell at 1902 level. So, if you followed my idea and updates, you are already in very good profit. (Previous idea attached below for your reference)
Currently, Gold is still struggling to break above the resistance. In fact, multiple bearish daily candles have formed in the resistance area. Along with that, US dollar is gradually seeing a flow of bids which makes XAU/USD the right contender for a pullback.
Based on the bearish price action, traders who sold above 1900 with me can continue to hold their sells. Fresh sells can also be executed by traders who missed my previous sell call if price reaches 1890-1895 level again.
Targets for the sell trades could be set at 1860 initially and finally at 1824.
This is flawed . By including the recent spike you've created a downward widening channel that is so wide as to be useless. This was a parallel downward correction channel from August 2020 till early spring 2021, and that has now been broken out to the upside for the past few months. You have no idea how to do technical analysis. This is idiotic. GOLD CYCLES ARE LONG-TERM MULTI-YEAR!! Look at the decade long cup and handle formation that has broken up and is following the previous cup and handle from around 1980 to 2009. You have no idea what you are doing.