Gold continuing to consolidate in a large symmetrical triangle pattern. Worth noting that the MFI points to bearish divergence. The key level is 1945 with PA below it re-targeting lower diagonal support near 1920. The breakout levels for either side is marked on the chart.
Nota
Price action starting to look very bearishNota
Seems my previous update was well timed as we ended up seeing a decent sell-off with the rising wedge broken to the downside. From a fundamental standpoint Gold should recover from here but keep watching those technical levels.Nota
Note that there is still technical downside to at least 1925
Penafian
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Penafian
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.