💡 XAUUSD: Continued pressure from sellers
Gold D1 experienced its third straight day of decline. Yesterday's D1 bar formed a bearish pin bar, indicating significant selling pressure. The emergence of an inside bar pattern suggests a buildup of price compression. Despite these developments, the overall structure of the D1 gold chart still appears inclined towards an upward trend.
On the H1 timeframe, gold is currently trading within a range indicative of an accumulation phase, reflecting a period of sideways movement. Given the observed short-term weakness, the strategy for H1 gold today revolves around a wait-and-see approach for potential selling opportunities. This includes considering selling near upper resistance levels or entering a short position in the event of a breakdown at the lower end, followed by a retest.
On the H1 timeframe, gold is currently trading within a range indicative of an accumulation phase, reflecting a period of sideways movement. Given the observed short-term weakness, the strategy for H1 gold today revolves around a wait-and-see approach for potential selling opportunities. This includes considering selling near upper resistance levels or entering a short position in the event of a breakdown at the lower end, followed by a retest.
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