GOLD (XAU/USD): get ready for the short-term bearish run

Conducting a multi-timeframe analysis and taking a look at two major timeframes - the Weekly and the Monthly - we might observe that the price has reached a very important level of resistance (both technically and psychologically) and rejected its borders.

Although the long-term sentiment remains bullish, we are expecting a short-term drop and eyeing the area of previous resistance now turned into support that is highlighted on the chart as our initial target.