XAU/USD BEARISH SETUP - 1910 KEY LEVEL

Aug 2, 2023

On gold, we have a bearish setup on both the weekly and daily charts. Occasionally, we have noticed that it is useful to look at clearer and more detailed timeframes. In both the weekly and daily charts, we precisely have a bearish setup with a resistance zone between 1960 and 2040. Within this zone, there is a demand area and a bearish trendline where the price has bounced before reversing course after a slight rally. Indeed, the price is now descending towards 1910, which is our key level that will act as support initially and then resistance once the price reaches the demand zone, which is between 1800 and 1840. We expect a rebound from that area with a target of 1910. Let us know what you think. Happy trading to everyone!