GOLD Bearish Outlook
Observe the strong movement to the upside in early August. We are now in a formation where price has not driven up to despite some USD weakness. (Refer to economic calendar, unemployment). For the past few weeks we have stayed the neighborhood around $1500.
For the past 62 days, Gold has exhibited a descending triangle. We know that descending triangles formed after strong bullish movement point to downside movement in price. What is needed is bullish USD news in the coming week where we would expect to hit the $1453 level which may turn ou to be the next level of support.
For the past 62 days, Gold has exhibited a descending triangle. We know that descending triangles formed after strong bullish movement point to downside movement in price. What is needed is bullish USD news in the coming week where we would expect to hit the $1453 level which may turn ou to be the next level of support.
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