Gold Price Forecast: XAU/USD bears eye a run towards $2,000 XAUUSD Commodities Gold DollarIndex
From a 4-hour perspective, it was stated that the support area look vulnerable considering the current formation of the schematic. It was argued that should the correction start to decelerate within the highlighted areas of potential resistance, bears could be encouraged to take on the support area between $1,970 and $1,990.The bias was bearish while below $2,050 and nearer term, the $2,030s.We have seen a run-into where resistance was expected to kick in.
The bears are in the market again and are in the process of engulfing the prior candle as illustrated. A bearish engulfment would be highly encouraging for the sellers. Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
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