Gold (XAUUSD): How to Catch The Next Bearish Move? 🟡

30 Okt 2022

Hey traders,

Even though gold is bullish the last 2 weeks,
I want to remind you that we are trading in a global bearish trend and the price is stuck within a major falling parallel channel on a weekly.

I believe that the next bearish wave will initiate after a bearish breakout of 1615 - 1623 horizontal demand zone.
Daily candle close below that structure will initiate a bearish trend continuation.

Patiently wait for a breakout and be prepared to sell on a retest.

Alternatively, one more structure for shorting is the resistance line of the channel.
You can wait for the test of that and look for shorting opportunities from there.

❤️If you have any questions, please, ask me in the comment section.
Please, support my work with like, thank you!❤️