Gold Bulls are going to fail
#Gold is trading around major support line as seen on 1D chart. We have attempt to bounce up. It seems the bulls failed. This fail can turn into the epic one because the inability to bounce up from the support line leads to the breakdown.
Let’s study clusters (big picture)
- 1) Buyings? But if that buying did represent the real Demand – why did price moved down soon after? The shape of “P” in profile confirms the weakness.
- 2) Genuine Supply Pressure
- 3) Testing the Zone of Supply Pressure
So, 1510 is controlled by bears. Major support line in danger now.
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