The week has started fast as Gold prices have fallen by as much 2% already after last week’s candle closed as a bearish engulf; and as of this writing the US equity market hasn’t even opened for business yet. So this could be a difficult move to chase lower, but there is scope for bearish continuation as taken from the four-hour chart.
As taken from prior support structure, there’s a swing at 1918 that remains attractive for lower-high resistance potential. For those that are very aggressive, there’s another spot that’s close around 1908, which hasn’t been as consistent as support in the past although this did remain an important pivot around candles that had previously tested below the 1900 level. That can be looked at as an ‘r1’ for bearish scenarios.
And for traders that don’t want to look for a pullback, breakout logic also exists, targeting deeper support around 1879. To learn more about approaching and working with breakouts, the guide below will offer additional information on that market condition.
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