The gold market was rebounding really well off the $1445 support structure and did manage to break above $1475 just for a bit. However that is where the hard selling came out and price failed.
So based on the structure we can see that the gold market is confirming bearish, the next of the target is in $1445 after making a lower high. There could be a move even lower through to $1430 and ultimately $1380.
The Federal Reserve is going less dovish which means a strong US Dollar and weaker gold prices into the end of the year.
The rotations at the top of the resistance point at $1475 proved strong especially with the extended wicks that failed at the area. The volume on the move lower was strong.
So based on the structure we can see that the gold market is confirming bearish, the next of the target is in $1445 after making a lower high. There could be a move even lower through to $1430 and ultimately $1380.
The Federal Reserve is going less dovish which means a strong US Dollar and weaker gold prices into the end of the year.
The rotations at the top of the resistance point at $1475 proved strong especially with the extended wicks that failed at the area. The volume on the move lower was strong.
Note
For this trade to work out, Gold has to break below $1460 the previous support structure.
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Join a community of active traders, both swing and day traders. Education & Live trading.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.