GOLD (XAUUSD): Bearish Outlook Explained 🏅

Short

Gold Spot / U.S. Dollar (FOREXCOM:XAUUSD)

Updated

FOREXCOM:XAUUSD Gold Spot / U.S. Dollar

Parallel Channel Multiple Time Frame Analysis Candlestick Analysis Gold goldsignals goldtrading goldtrader XAUUSD xauusdsignals goldanalysis goldshort Contains image

parallelchannel mtfa candlestick gold goldsignals goldtrading goldtrader xauusd xauusdsignals goldanalysis goldshort containsimage

snapshot

Gold nicely respected a horizontal daily supply area.

The price formed a bearish engulfing candle on a daily
and violated a support line of a horizontal range on a 4H time frame.

I believe that the price may drop lower next week.
Next supports: 2010 / 2000

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Comment:

The price nicely respected a broken support of the range!

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