Gold price experienced a sudden change in direction yesterday, reaching a new all-time high near the psychological level of 2,600 leaving a bull trap and bearish engulfing candle on a daily chart.
Analyzing the hourly time frame, GOLD broke through two key intraday structures - a horizontal support level and a rising trend line - with a single bearish candle.
This breach has created an expanding sell zone. I predict a bearish movement towards the 2546 and 2533 support levels.