Gold looks set to mean revert

Gold has fallen around -7% since bearish pinbar high around 1950, and has done so in a relatively straight line. Yet bearish momentum has receded, and prices are holding above the monthly S1 pivot point. The decline has also failed to test 1800 (a likely solid area of support), which adds to the case we may be due a bounce.

We’re not looking for any home runs, but a bounce towards the 1850 – 1858 zone seems achievable, whilst prices remain above 1800.

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