The gold market was rebounding really well off the $1445 support structure and did manage to break above $1475 just for a bit. However that is where the hard selling came out and price failed.
So based on the structure we can see that the gold market is confirming bearish, the next of the target is in $1445 after making a lower high. There could be a move even lower through to $1430 and ultimately $1380.
The Federal Reserve is going less dovish which means a strong US Dollar and weaker gold prices into the end of the year.
The rotations at the top of the resistance point at $1475 proved strong especially with the extended wicks that failed at the area. The volume on the move lower was strong.
So based on the structure we can see that the gold market is confirming bearish, the next of the target is in $1445 after making a lower high. There could be a move even lower through to $1430 and ultimately $1380.
The Federal Reserve is going less dovish which means a strong US Dollar and weaker gold prices into the end of the year.
The rotations at the top of the resistance point at $1475 proved strong especially with the extended wicks that failed at the area. The volume on the move lower was strong.
Nota
For this trade to work out, Gold has to break below $1460 the previous support structure.
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Join a community of active traders, both swing and day traders. Education & Live trading.
Free Trading Strategy Webinar: bit.ly/2DVb7Zi
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Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.