GOLD (XAUUSD) Important Breakout & Key Levels (Structure Analysis)
🔻Gold broke and closed below a major daily structure support yesterday.
With a high momentum bearish candle the breakout is considered to be confirmed.
Now bearish continuation is highly probable and here are the next key levels to pay attention to:
Support 1 - 1790 - 1800. Though the reaction to that zone was relatively weak this year, this area remains a key weekly structure.
Support 2 - 1740 - 1755. This area was multiple times respected by bulls this spring.
Support 3 - 1670 - 1690. Structure proved by strong bearish / bullish reactions this year.
Key levels serve as the goal for sellers and as the points for buyers to buy from.