• Vasily Trader

GOLD (XAUUSD) Still Looks Bearish! Learn Why: (Technical Analysis)

I really like the reaction of gold on a major blue resistance cluster based on a horizontal daily structure and a falling trend line .

With bearish engulfing candle formation on a daily, chances are high that the price will turn bearish next week.

Though, signs of weakness make me reassess the initial goal.

1806 - 1810 is the closest minor support cluster that I would consider for the first goal and 1765 - 1780 as the second.

I will be bullish biased in case of a daily violation of the underlined blue zone.