As I mentioned earlier when Gold prints an intermediate top and breaking below the 10 SMA on weekly and 10 SMA on daily charts almost always backtesting it later.
Price tried to break above the 10 SMA on the daily chart but couldn't hold:
Today the 10 SMA on the weekly chart was backtested too:
Last week's Friday drop was too much for an immediate follow through on Monday. We needed a pullback , as I mentioned in the previous idea.
The Fibonacci 23,6%, 38,2% and 50% were my primary targets for this pullback and today we got the Fibo 50% at 2340$.
From this point the decline will continue we are going to see much lower prices in the following weeks.
If you are still long you need to get out because more pain is coming for bulls.
Most probably today's FOMC meeting will be the trigger event for a gold decline.
Price tried to break above the 10 SMA on the daily chart but couldn't hold:
Today the 10 SMA on the weekly chart was backtested too:
Last week's Friday drop was too much for an immediate follow through on Monday. We needed a pullback , as I mentioned in the previous idea.
The Fibonacci 23,6%, 38,2% and 50% were my primary targets for this pullback and today we got the Fibo 50% at 2340$.
From this point the decline will continue we are going to see much lower prices in the following weeks.
If you are still long you need to get out because more pain is coming for bulls.
Most probably today's FOMC meeting will be the trigger event for a gold decline.
Note
Playing out as expected:Note
Flag broke down in during the European night:First 2286 and later 2277$ coming today or tomorrow.
Note
On the way to 2277$Trendline was backtested today
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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.