Gold is in a correction phase (red downtrend channel). As long as we have a descending range after the main trend break, we will prioritize a bearish set-up
TA on a high timeframe: 1) Price has broken strong support areas, but still hasn't reached the key ones (1944, 1934) 2) A correction is forming - caused by more positive data in Friday's fundamental reports
TA on the low timeframe: 1) Resistance 1981 plays an important role, but at the same time price may be aiming for the upper boundary of the downward channel 2) The price is in a downtrend, it's worth targeting strong resistances. Any false breakout can be a strong signal 3) There is a consolidation below the 1981 level, which is a sell signal.
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