$XAUUSD - Gold

The bad news is Gold could not stayed strong again DXY rally. The safe heaven & hedge against recession and economic slow down proved many school of thoughts wrong !
The big picture tells that the downtrend end is not near. but what you need to know is
Here,

Gold is in a continues downtrend, especially against Dollar. on Daily in a long series of downtrend ( LH & LL). and every time rejection from key resistance.
Very recently Gold on daily and hourly showed some signs of relief but this could be a very brief rally. no clear sign of reversal unless Gold print HH & HL on Daily and DXY cools off!
the major 2 key areas. level $1600 which is weekly support, we may see a good bounce at this level because it is a solid weekly support. 2nd key area is $1565 .
The significance of $1565 is huge according to me because here we have monthly support and i legit believe Gold will hold this level. It is the pivot point for me we either bounce and start a good uptrend here, or break into new local lows.