Short Gold Based on the current scenario we can clearly identify that Gold is approaching a major breakdown as it has its downtrend resistance at 1950, considering that we can acknowledge 1944 as a reversal point and soon in upcoming time we can expect this bearish trend to test all the levels up to 1890.
The Best thing is to stay bearish with a stop loss 1950, and if it breaks the 1950 level and the next 1 hr candles survive over it we can consider it as a successful breakout and then be bullish again considering this as a minor pullback.
So right now it would be best if we sell gold, trade at your own risk.
Goldsell
XAUUSD Technical Analysis
Gold is in strong downtrend and can clearly see more big red candles than the green ones which suggests the price has tendency to go lower. We already had a Pullback at 1795.36 and the second Pullback might happen again which would make a double top at 1795.36, but if it doesn't happen we expect the price to go lower to at least 1743.16
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Gold - US presidential electionAs everyone is expecting gold to break alltime high $2075 before US presidential election, the chart says gold will slide & trade in the range of $1736-1802 (demand zone) before making any further move upside.
Long term demand zone $1560-1682
Fibo extension supply zone @2158-2460-2685
Expecting gold not to break $2075 within 3 months of time frame.