Our Gold sell analysis has been invalidated, as price decided to target the last major high & psychological price of $2,790. I did point out on my first sell analysis that this round number was a potential threat to our sell bias, as round numbers are always seen as a liquidity sweep.
HOWEVER, now that this high has been swiped I will still be remaining bearish on Gold in the MID TERM. Looking for price action to settle down in the next week & provide more clear market structure. Anywhere between $2,790 – $2,840 we can see bears take over again!,# Gold Market Analysis Update
## Key Points
– **Price Target Adjustments**: Previous sell analysis for Gold has been invalidated as the price targets the significant psychological level of $2,790.
– **Round Number Impact**: The $2,790 level is notable as it serves as a liquidity sweep, often leading to price reversals or consolidations.
– **Mid-Term Outlook**: Despite the invalidation of the sell bias, the analysis remains bearish on Gold in the mid-term.
– **Anticipation of Market Behavior**: Observation of price action is essential, with expectations for the market to stabilize in the coming week, providing clearer structural signals for potential bearish movements.
– **Resistance Levels**: The range between $2,790 and $2,840 is identified as a probable zone where bearish sentiment may re-emerge.
### Hot Take
In light of the recent developments, while the price action has temporarily invalidated prior sell signals, the fundamental bearish sentiment remains intact. Market participants should keenly observe the forthcoming week for signs of price stabilization which could enable traders to recalibrate their strategies. A breach above the $2,840 mark may alter the current bearish outlook, but for now, the focus is on potential re-entry points within the identified resistance zone.
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