Gold heading for another pattern Direction up 1970 or
GOLD is set for a small continuation or perhaps a small reversal if the latest Bull pennant fails as bears claw with all their power. Gold could head to 1970 if pennant breaks positively.
However, it could return to the 1957 mark, or even 1950 before trying for a bull move.
As the Daily Market Break comes and all markets are closed, the low volume we will see it is unlikely to make the current pennant win. This means that in the 15 and hour timeframes, Gold will produce another decending channel or perhaps try a new low after the too strong peak performed during the last lateral channel.
It is to remember that Gold has escaped a decending channel two days ago and its supposedly heading for new wekkly highs. As for now Gold now has set a new monthly low for the first time in 3 months. Bears have sharpened their claws and seem to have a strong swing to keep in mind for future strategies.
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.