Gold could drop back under 2400

7月22日

Last week, gold reached a new all-time high, almost hitting $2500.
However, the market started to reverse on Wednesday, and XAU/USD finished the week at $2400, forming a large pin bar on our weekly chart.

On the short-term chart, we also see that the recent ascending trend line has been broken, which also has bearish implications.
In my opinion, gold will drop below $2400, and selling rallies should be a good strategy.

7月22日

ノート

XauUsd dipped under 2400, as expected
However, we should be aware of the support that we are near from
Also, the trend is grossly bullish