Our analysis on 10.04.19 highlighted a descending triangle with the support level at $1280 needing to be broken to confirm the downtrend. Prices have fallen below the lower descending triangle support trendline suggesting the downward momentum is building and a breakdown is imminent. This would result in an extension of the depreciating move towards the long term trend line support level around $1260. Therefore we remain short gold and expect prices to continue falling in the short to medium term.
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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.