Gold remains in a very important juncture point

8 Ağu 2022

Since March touch of the ATH above 2000. Gold has entered a downtrend and has dropped 3500 pips from that top to 1680 important support.
A recovery followed from this point and now XauUsd is trading 1k pips up in a very important juncture point.
This zone is an important resistance marked by the lows of the first half of the year and the falling trend line zone and a reversal from here would expose 1680 again with interim supports at 1740 and 1715.
On the other hand, a clear-up above 1800 would signal a reversal of the long-term bull trend.
My approach is to wait and see for now.