Will GOLD try to break all-time high one more time?
Analyzing the daily chart, we notice a candlestick patterns suggesting a bearish reversal trend. Since we need more than one confirmation, let’s examine the other indicators. The price has found support at the previous day’s low during the current London session.
If the price moves below the previous day’s low, it will more likely continue to the second support level, which is the trendline.
Bulls should find an exit for taking profits close to the resistance, which is the previous day’s high.
Since we are very close to the all-time high, the price could easily attempt to test this level once again.
Our analysis from May 5 is still valid. If you haven’t watched the video, here is the link. Thanks!