GOLD (XAUUSD): One More Bearish Setup

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.
Chart PatternsSupport and ResistanceTrend Lines

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