Good day my fellow Gold traders and investors. Before I go into my Technical analysis of Gold I will like to say, not many people see this fall coming, a lot of traders and investors I know we're more and fully on the bullish train, some people might be saying the fall is drastic but if we are to look at it, the market clearly showed that it will respect the resistance zone it has been hitting for few weeks now.
Enough of the long talk, let's look at the market and see what it says.
So I will be analyzing this is different timeframes from the Daily to 4hrs and 1hrs to get a clearer view and detailed analysis.
I don't know why most traders ignored the resistance level of the trendline formed, and chose to stay bullish knowing full well that market might react to that spot, which it eventually did and the result is the long bearish trend we are at the moment, a closer look at it, it looks like the market might still be heading down and stay bearish, because the market looks like it's is breaking the support, although there is no clear confirmation on the daily timeframe, and that is where the 4hrs timeframe comes in.
On the 4hrs timeframe it shows the market has broken the support level of the trendline and retested back at the line and move downward to continue it bearish movement. Another indication is that the market is moving below the EMA. With this the market is heading below 1800 , probably it might find a good support that will push it upward at the 1799 zone, but if it breaks through the 1799 zone we are in for a long bearish trend. Let us look at the 1hrs timeframe for more confirmation.
The 1hr timeframe clearly confirms the breakout and retest that happened in the 4hrs timeframe and the bearish movement that the market is currently in.
Thank you for reading, this is my opinion and technical Analysis of Gold(XAU/USD) and my forecast for future movement. See you in my next post #silvergoldstackers