Gold is currently moving near the Potential Reversal Zone(PRZ)[$2,800-$2,745] and inside the Time Reversal Zone(TRZ), and the loss of the Lower line of the Ascending Channel can indicate weakness in the upward movement.
According to the theory of Elliott waves, it seems that Gold has managed to complete the main wave 5, and now we have to wait for Corrective Waves.
From the point of view of Technical Analysis, it seems that Gold has succeeded in forming the Bearish Quasimodo(QM) Pattern, which can be another sign of the reduction of gold.
I expect Gold to decline to at least the Support zone($2,720-$2,708), and if the support zone is broken, we should expect Gold to continue falling to the Next Support zone($2,686-$2,666).
⚠️Note: If Gold can goes over $2,760, we can expect more pump for Gold.⚠️
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Gold Analyze ( XAUUSD ), 1-hour time frame ⏰.
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Trade was activated
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I closed 50%, and I did Risk-free another 50%.
If you still have the position, you can risk-free the position or set the SL to $2766 according to your capital management.