XAUUSD-Selling Rallies Amid Bearish Structure
Updated
XAUUSD-Selling Rallies Amid Bearish Structure
In my analysis of XAU/USD yesterday, I highlighted that after the 800-pip drop, a rebound was likely. However, given the weekly Pin Bar and the bearish daily structure, I emphasized that any upward move should be viewed as a correction and an opportunity to sell.
Indeed, the market did see a rebound, but it was weak and short-lived. After reaching the 2665 zone, the price reversed to the downside and ended the day with minimal change.
Currently, the price sits at 2652, with the recent lows now acting as confluent support, reinforced by the rising trendline from the recent bottom. A decisive break below this support zone would shift focus to the next key level at 2610-2615.
My strategy remains unchanged: I continue to look for selling opportunities on rallies.
In my analysis of XAU/USD yesterday, I highlighted that after the 800-pip drop, a rebound was likely. However, given the weekly Pin Bar and the bearish daily structure, I emphasized that any upward move should be viewed as a correction and an opportunity to sell.
Indeed, the market did see a rebound, but it was weak and short-lived. After reaching the 2665 zone, the price reversed to the downside and ended the day with minimal change.
Currently, the price sits at 2652, with the recent lows now acting as confluent support, reinforced by the rising trendline from the recent bottom. A decisive break below this support zone would shift focus to the next key level at 2610-2615.
My strategy remains unchanged: I continue to look for selling opportunities on rallies.
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