#GOLD Update ๐
Yesterdayโs chart didnโt go as expected. Here is the current situation.
Gold has broken above the local descending trendline and is recovering toward the $4,220โ$4,260 resistance and liquidity zone.
Despite this short-term recovery, Gold remains in a medium-term bearish trend. In my view, the current move could be a liquidity hunt before the broader downtrend resumes.
The dollar is taking a pause, but DXY remains in a bullish trend. Traders are also watching next weekโs CPI report, Fed signals and Treasury yields for further direction.
My view is that Gold could continue pushing toward the $4,220โ$4,260 liquidity pool. If price gets rejected from this zone, we could see a move lower in line with the prevailing bearish trend.
However, a strong breakout above resistance could weaken this bearish setup.
Iโm watching the reaction at resistance before taking a direction. Letโs see how it plays out. ๐
Yesterdayโs chart didnโt go as expected. Here is the current situation.
Gold has broken above the local descending trendline and is recovering toward the $4,220โ$4,260 resistance and liquidity zone.
Despite this short-term recovery, Gold remains in a medium-term bearish trend. In my view, the current move could be a liquidity hunt before the broader downtrend resumes.
The dollar is taking a pause, but DXY remains in a bullish trend. Traders are also watching next weekโs CPI report, Fed signals and Treasury yields for further direction.
My view is that Gold could continue pushing toward the $4,220โ$4,260 liquidity pool. If price gets rejected from this zone, we could see a move lower in line with the prevailing bearish trend.
However, a strong breakout above resistance could weaken this bearish setup.
Iโm watching the reaction at resistance before taking a direction. Letโs see how it plays out. ๐