Gold could turn to the downside and target 2010 zone

I've held a bullish stance on XAUUSD since the beginning of the week, anticipating a climb towards 2080 while acknowledging the 2060 resistance level. However, despite the price gaining ground and breaking above the 2040 resistance on two occasions during this period, upon closer examination of the price action, the situation is not as straightforward as anticipated. There are indications of a possible reversal to the downside, especially considering that the price rise was swiftly erased on three occasions (January 30th, 31st, and today).

Upon analyzing the chart, it becomes evident that rallies were consistently sold off. Despite still being in an upward trend, the potential for a reversal seems increasingly likely. Consequently, I'm currently refraining from any trades and am inclined to sell.

My target zone for selling is around 2010.

تعليق:

XauUsd lost 2040 again and is falling like a stone