GOLD (XAUUSD): Important Decision Ahead
The price of GOLD is currently testing a daily resistance cluster base on the all-time high. With the long-term trend being bullish, there is a high likelihood that the market will update this resistance and reach a new high.
Confirmation of this breakout will come with a 4H candle closing above the highlighted structure. If this occurs, the bullish rally could continue to at least 2780.
For those looking to short the market, it is advised to closely monitor the 30-minute time frame. The market is currently trading within a narrow range, showing respect to the resistance and minor support levels at 2749 and 2748.
A signal to short would be a bearish breakout below the support level of the range, with confirmation coming from a 30-minute candle closing below it. The next target for shorts would be 2742.
Confirmation of this breakout will come with a 4H candle closing above the highlighted structure. If this occurs, the bullish rally could continue to at least 2780.
For those looking to short the market, it is advised to closely monitor the 30-minute time frame. The market is currently trading within a narrow range, showing respect to the resistance and minor support levels at 2749 and 2748.
A signal to short would be a bearish breakout below the support level of the range, with confirmation coming from a 30-minute candle closing below it. The next target for shorts would be 2742.
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