Gold- Medium term direction remains unclear

6 ธ.ค. 2023

In yesterday's XAUUSD analysis I wrote that after the crazy Monday's price action with a new ATH followed by 3 support breaks, Gold could continue down and test 2010 next technical support.
Indeed, the price dropped and touched that level and a reversal followed.
Although this is a positive sign for bulls, confirmation is needed, and, after the strong sell-off, it could barely be a correction.
As we can see from the chart, this confirmation comes with a break back above the 2040 resistance in which case we could consider the level confirmed.
On the other hand, a break under 2010 is not good at all for bulls and could lead to a drop towards 1940.
I remain on the sideways till clarification.

GC1! GOLD1!