GOLD market is making lower highs and lows. It tested the resistance level at 1990 and sharply bounced off it. The market created a shorting opportunity where we have resistance and a 50% fibo level that line up with it. If the market pullbacks to a resistance level, as you can see, the price makes big red candles vs. small bullish candles. We anticipate a false breakout of the resistance level as confirmation that bulls are running out of steam.
📊QUICK FUNDAMENTAL LOOK
Gold prices edged up on Wednesday, buoyed by weaker Treasury yields, but bullion was still near its lowest in over three weeks as the dollar inched higher ahead of the U.S. Federal Reserve's interest rate decision and policy outlook.
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