💡 XAUUSD: Continue with the downtrend

XAUUSD Analysis December 6, 2023

Gold prices continued to slide in the past session after the extremely strong bearish pin bar signal formed earlier. Currently, the price is approaching the 2000 confluence zone. There are still no clear signs showing the return of buyers, short positions are profitable, you continue to hold positions, short-term target is around 2000 , you should consider risk reduction measures when the price approaches this resistance level.

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Experts from TD Securities, a Canadian bank, believe that gold may face selling pressure in the near future. After conquering a new all-time high, the precious metal has been unable to hold on to gains and is now trading near the key psychological level of $2,000 an ounce.

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For now, bulls still have the overall near-term technical advantage with their eye on a close above solid resistance at the record high of $2,152.30 an ounce. The goal of the bears is to push futures prices below solid technical support at $2,000 an ounce.

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