Bearish outside week ominous for GOLD - 1290/92 resistance
Main bearish argument
The bearish engulfing candlestick which engulfs the prior 3 weeks means lower prices to come
Entry?
Any rebound could be capped at $1290-92, previous support and 50% Fib of cent leg lower
Alternative bullish argument
A rising trend line connecting the July 17 and Dec 17 lows could be support for a longer term uptrend
The bearish engulfing candlestick which engulfs the prior 3 weeks means lower prices to come
Entry?
Any rebound could be capped at $1290-92, previous support and 50% Fib of cent leg lower
Alternative bullish argument
A rising trend line connecting the July 17 and Dec 17 lows could be support for a longer term uptrend
Note
Gold never quite reached old support near 1290 and rolled over after completing a bear flag
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Signup to my newsletter:
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Market Analyst for:
WeTrade
wetradebroker.com/education/analysis/jasper/
SpreadEx
spreadex.com/financials
Key To Markets
keytomarkets.com/
tradingwriters.substack.com/
Market Analyst for:
WeTrade
wetradebroker.com/education/analysis/jasper/
SpreadEx
spreadex.com/financials
Key To Markets
keytomarkets.com/
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.