Why I think Gold is heading to 2482 today Monday! See below.
Updated
https://www.tradingview.com/x/23rwZEqE/
This is the 4hour chart for Gold. Notice the current candle how bearish it is.....bears-pinbar!.
See my yellow 9ema is crossing down on the dark blue 50ema. That is also a very bearish occurrence.
Now 2482 is the neckline of an M_top system on the 4HR. Please read this article that I wrote at the weekend. I said that a breach of 2482 and the Gold price could wind back to around 2432/34 area, whereby at that level is the 50EMA on the daily.
Look it may not happen tonight because there is no news impending that could prompt a sell-off. But I see this as a scenario that could play out this week.
This is the 4hour chart for Gold. Notice the current candle how bearish it is.....bears-pinbar!.
See my yellow 9ema is crossing down on the dark blue 50ema. That is also a very bearish occurrence.
Now 2482 is the neckline of an M_top system on the 4HR. Please read this article that I wrote at the weekend. I said that a breach of 2482 and the Gold price could wind back to around 2432/34 area, whereby at that level is the 50EMA on the daily.
Look it may not happen tonight because there is no news impending that could prompt a sell-off. But I see this as a scenario that could play out this week.
Note
Here is the article I wrote at the weekend
Note
Price getting ready to turn down I senseNote
Hourly Chart & Price struggling to hold support here around the yellow 9ema and the inverse cup system
Note
A battle going on here between bulls and bears. Fib level did not hold. But some resistance off the 200ema on 5m. Gold is a bit oversold on the stochastics and rsi.
Order cancelled
2501:05 taken out:Note
We are near the neckline. This has already had a retest from what I can make of it.
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