On the Gold chart, we can see that the instrument is testing the 1228 level of the downside resistance and has briefly broken below it. The probability of a downside extension is now high and the downside support zone is 1235-1240. Only a daily close above the 1259 level would invalidate the downside scenario.
Note: look for the short trade entries with the stop loss above the 1240 level.
Top-down trading technical analysis revealed.
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