Gold- A nasty picture for bulls
Gold finished the week badly, putting in a strong bearish engulfing on our chart and, what is very important, this candle erased all gains from the beginning of the year and engulfs 5 weeks of trading. More, the 700 pips drop from top to bottom happened in only 3 days. This for me is a clear indication that there is more to come.
Looking at the posted chart we can see that there is only one support that counts in the bigger picture: 1680 (Remember that we are looking at a weekly chart and this is a medium-term outlook, so don't expect this to happen next week)
Going lower, to daily TF:
Looking at the chart above we can see that the rise from 15 December doesn't have impulse, is overlapping and we can easily speculate a flag.
The break above 1830 proved to be a false one which also reinforce the bearish outlook. Also, the price has broken under the flag's support and important 1810 horizontal level.
In conclusion, my outlook remains bearish and the best strategy in my opinion is to sell rallies.
Levels of interest for bears are 1780, 1750, 1720, and, as I said, in the medium-term, 1680
Best of luck trading Gold next week!
Mihai Iacob
Looking at the posted chart we can see that there is only one support that counts in the bigger picture: 1680 (Remember that we are looking at a weekly chart and this is a medium-term outlook, so don't expect this to happen next week)
Going lower, to daily TF:
Looking at the chart above we can see that the rise from 15 December doesn't have impulse, is overlapping and we can easily speculate a flag.
The break above 1830 proved to be a false one which also reinforce the bearish outlook. Also, the price has broken under the flag's support and important 1810 horizontal level.
In conclusion, my outlook remains bearish and the best strategy in my opinion is to sell rallies.
Levels of interest for bears are 1780, 1750, 1720, and, as I said, in the medium-term, 1680
Best of luck trading Gold next week!
Mihai Iacob
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