Gold- Possible change of trend
It has been a volatile week for XAUUSD traders.
The price hit a new all-time high during the Monday Asian session but swiftly reversed later that day. Subsequently, the price remained within a range until Friday when bears managed to push it below the crucial 2010-2020 confluence zone support, signaling a potential change in trend. Considering these developments, I currently hold a bearish outlook on Gold and am actively seeking opportunities to sell on market rallies. The former support has transformed into resistance, and it is within this zone that I am monitoring for entry signals.
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Gold fell below $2,000 an ounce on Monday, sliding to its lowest levels in two weeks as investors turned cautious ahead of monetary policy decisions from major central banks this week, including the Federal Reserve, the European Central Bank and the Bank of England.
⚠️Warning: Trading contains elements of risk, please be careful when Making Orders, Market Recommendations are only for consideration.