GOLD; possible buy or sell continuation

Over the past five weeks, the global Gold trend has exhibited a bearish sentiment. A notable decline was observed on Friday, 24th February. Subsequently, on the 27th of Feb, there was a corrective move to an equilibrium price region (1818.50-1820.063), which coincides with an intraday resistance level. This level demonstrated strength as sellers defended the area, driving prices further down towards an intraday support region. This price behavior suggests a range-bound market for the precious metal (Gold).

The intraday support region has been tested five (X5) times with a liquidity grab, establishing it as a significant stronghold for buyers to propel prices upwards. Despite the ongoing bearish trend, I anticipate the price to rebound from this support zone (at 1807.029-1809.11) first to the internal supply level (1815.80) and then to the resistance level.

However in the event of a violation of the support zone, a price drop to the 1800.00 price level is likely to occur. Therefore, I will adjust my position accordingly.