Last week, gold reached a new all-time high, almost hitting $2500. However, the market started to reverse on Wednesday, and XAU/USD finished the week at $2400, forming a large pin bar on our weekly chart.
On the short-term chart, we also see that the recent ascending trend line has been broken, which also has bearish implications. In my opinion, gold will drop below $2400, and selling rallies should be a good strategy.
Comment
XauUsd dipped under 2400, as expected However, we should be aware of the support that we are near from Also, the trend is grossly bullish
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