GOLD has significantly rallied above 1980 recently after a massive sell off seen last week. The gold showed up an expanding channel breakout recenly and here we see a possible sell zone over the current market price levels which cause gold to dump and experience severe damage to its price. Here we expect a reversal on the resistance formed in order to retrace back towards the trend line formed and also the key levels identified.
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Gold also respected the upper boundary formed with the growing channel created. A bearish impulse will be identified towards 1960-1950
Gold also respected the upper boundary formed with the growing channel created. A bearish impulse will be identified towards 1960-1950
As expected the Major resistance formed on top level as per the analysis done, the price respected the level with a strong rejection and the daily candle gets closed below the level.