Key Support: 1732 – 1717
Long Term View
Gold has been under pressure since it failed to regain the 2000 level with the DXY unable to move lower. Gold is down 12.50% this year from its January 5th highs and is now trading below a massive key level (May 2020 highs and November 2020 lows). In fact, this is the exact level it´s retesting at the moment.
1H chart analysis
Gold opened higher and has rallied +0.75% from this Sunday´s open to retest the level we were discussing earlier.
Not only that but it confluences with the weekly pivot and the previous broken level from last Friday. The break of the immediate bullish structure and the previous lows gives us a good probability short setup here.
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