XAUUSD 8 Jan 2023 on the daily timeframe. Gold appears to be still ranging between R1 and R2, continuing its sideways since failing to break R2 at the beginning of last month. Although it’s still above the kumo cloud on the ichimoku indicator, the commodity may still be in a bearish trend. If gold is unable to rally towards R2 and continue down towards R1 then go-short is still an option for traders. However, if gold manages to reverse the trend and rally towards R2 then go-long is an option. Keep an eye on market movements and consider all possibilities before making trading decisions.
