By analyzing the #Gold chart on the 2H timeframe, we can see that price followed our bearish scenario exactly as expected. Gold entered a heavy sell-off, dropped toward $4017, and is currently trading around $4031. While most analysts were talking about further upside, I maintained my bearish outlook and expected this decline. Taking a view against the broader market sentiment required conviction, but once again price confirmed the scenario.
The previous analysis has now delivered more than 500 pips of movement, and in my view, the bearish move is not finished yet. As long as Gold remains below the nearby resistance levels, I expect another decline toward $4000 and eventually a move below this psychological level. After that, $3980 and $3960 could become the next downside targets. For now, my main bias remains bearish.
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Best Regards , Arman Shaban