Outlook bearish market?
Updated
If we look into the weekly time frame, notice the bearish ungulfing candle pointing out lots of selling momentum in the market. Last friday gold broke a important channel retested it and gold crash followed.
In the bigger timeframe picture we have confirmation for posible more fall for gold. Shorting the market for this week seems more preferable. But that doesnt mean we can't go long shortterm in the gold market.
We need to focus on certain resistance levels in order to go short again. Between 2355 and 2366 seem to be a good short zone. But priceaction is key to this. I only short market with limit order when zones fresh and no orders has been taken yet. other way should be priceaction confirmations.
Expecting midterm short target to be 2330 and longterm 2307.
resistance: 2355, 2366, 2372
support: 2345, 2332, 2320
In the bigger timeframe picture we have confirmation for posible more fall for gold. Shorting the market for this week seems more preferable. But that doesnt mean we can't go long shortterm in the gold market.
We need to focus on certain resistance levels in order to go short again. Between 2355 and 2366 seem to be a good short zone. But priceaction is key to this. I only short market with limit order when zones fresh and no orders has been taken yet. other way should be priceaction confirmations.
Expecting midterm short target to be 2330 and longterm 2307.
resistance: 2355, 2366, 2372
support: 2345, 2332, 2320
Note
Weekly perspecive:Note
More downward movement can be expectedNote
Head and shoulder pattern. Need break of neckline in order for gold further collapse.Remember, weekly timeframe showed bearish ungulfing also
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