XAUUSD (Gold) - Can We Expect A Rollover Soon?

Hi Traders. Gold has been in a strong short-term downtrend ever since the breakdown below 1790.

And due to the strong Bearish momentum, I'd simply avoid performing any sort of countertrend setup as its almost like catching a falling knife.

However, as price gets closer to the major level of support at 1680 - 1690, just be extra cautious if you're still looking for shorts.

Because 1680 - 1690 had been proven a significant multi-year support zone, so the probability of price holding above it is relatively high.

I will start focusing on the lower timeframe and observe if it shows any sort of Rollover sign, then I might squeeze some quick long positions in between.

But for now, without clear confirmation do not go against the downtrend.


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