Gold (xauusd) daily update 08.01.24

Gold was very tricky on Friday and although the news was extremely bearish for the yellow metal, it bounced back. However, the level at which gold reacted was a very suspicious one and we see that it has almost come back to that level.

My view is that gold will continue to fall. The current price action suggests further bearish moves. However, keep your eyes open and stay flexible for a bullish manipulation that could be the start of a longer-term buy.