Looks like we might have just entered the 5th and last bearish wave (Elliott wave) before possible new bull run. If we go below 1192 we might re-test 1160 and eventually test 1130 and possibly even 1100. I guess we are only few candle sticks away from finding out which way the markets will go in upcoming weeks.
Opposite scenario: The only thing that could save us now is if we get above 1220, that would mean we could be heading towards re-testing 1240 and if that resistance breaks a new UP trend would be confirmed.
I suggest to watch Platinum closely on 1H chart, it was more volatile in past days and you can clearly see the change of direction approx.1 hour earlier.
If gold goes down most of the precious metals will follow, oil would go most likely UP but a correction is overdue.
Opposite scenario: The only thing that could save us now is if we get above 1220, that would mean we could be heading towards re-testing 1240 and if that resistance breaks a new UP trend would be confirmed.
I suggest to watch Platinum closely on 1H chart, it was more volatile in past days and you can clearly see the change of direction approx.1 hour earlier.
If gold goes down most of the precious metals will follow, oil would go most likely UP but a correction is overdue.