Gold Trendline Breakout

Gold formed a bearish engulfing candle on the daily timeframe yesterday, rejecting out of the daily resistance zone. Price action on the H4 time frame had a trendline breakout to the downside. Price is rebounding after hitting a key psychological level around 1775. My bias is bearish and I'm waiting for a potential sell setup if price rejects the minor H4 level at 1783 or worst case scenario rejecting the daily resistance once again. Profit target will be at 1765.

Yorum:

Price did not pullback to 1782. Waiting for the next potential setup which is a break and retest of 1774.
Bearish bias still active and still expecting price hit 1765.