The gold price has turned bearish again as it fell strongly and break below the bottom of a rising channel.
The price also failed an attempt to rebound as it reaches near a 3-month demand zone, leaving a long upper shadow on last Friday.
Based on the monthly closing candle, it has become obvious that the price has to dip even lower, possibly 1237 which is the neckline of the previous Bat pattern.
For this week, wait for the price to pull back towards the H1 supply zone above 1300 to short again.
The price also failed an attempt to rebound as it reaches near a 3-month demand zone, leaving a long upper shadow on last Friday.
Based on the monthly closing candle, it has become obvious that the price has to dip even lower, possibly 1237 which is the neckline of the previous Bat pattern.
For this week, wait for the price to pull back towards the H1 supply zone above 1300 to short again.
