• The failure of XAU/USD to remain above the weekly pivot point of 1,715 and above the uptrend line indicates that the leg higher has ended and that sellers may take the lead.
• In the short term, the gold has attempted to retest the broken uptrend line and pivot point, thereby confirming the breakdown.
➥ CONCLUSION: More declines were signaled by a break below the 1,707 static support. In reality, the breakdown was seen as a short opportunity. Because gold is strongly bearish, it might approach and surpass new lows. If the rate continues to fall, 1,688 might be a viable objective.
Good Luck Traders!
• In the short term, the gold has attempted to retest the broken uptrend line and pivot point, thereby confirming the breakdown.
➥ CONCLUSION: More declines were signaled by a break below the 1,707 static support. In reality, the breakdown was seen as a short opportunity. Because gold is strongly bearish, it might approach and surpass new lows. If the rate continues to fall, 1,688 might be a viable objective.
Good Luck Traders!