Bears piled into gold ~2035, seeking move to 2000
Bearish engulfing day saw it closed beneath $2020 - a level it has flirted with but mostly respected as S/R on a daily close basis. This level was also tested on the 1-hour chart - which means support became resistance.
A triple top formed on the 1-hour chart, and bears entered ~2035 to help it break below 2020, before volumes diminished. (Bears are short at the highs and may not want it to break back above the 2020 area - where a swing high formed on the 1-hour).
Daily low found support at the prior HVN (high volume node), so a bounce may be due.
We're ideally looking for a retracement towards / up to $2020 ahead of its next leg lower toward 2000 - 2005.
A triple top formed on the 1-hour chart, and bears entered ~2035 to help it break below 2020, before volumes diminished. (Bears are short at the highs and may not want it to break back above the 2020 area - where a swing high formed on the 1-hour).
Daily low found support at the prior HVN (high volume node), so a bounce may be due.
We're ideally looking for a retracement towards / up to $2020 ahead of its next leg lower toward 2000 - 2005.