Spot Gold.
The market drove the gold price down and closed below the open price of previous bullish candlestick.
This bearish engulfing is the first sign of bearish movement. It is also found near the resistance zone in mid-June 2018. Therefore, it makes sense for a technical correction.
Conversely, this US gold mining stock AQG listed in ASX behaved very well from the base of orange channel, where you can spot a bullish harami pattern on 4-Dec, the price has shooted more that 34% till now.
The hanging man with a very small upper shadow stays on the downward trend line. It is likely to reverse the uptrend.
We need to see the opening price on Monday carefully, watch out any bearish candlestick patterns, you need to prepare an exit, as the gold price is started retracing.
Thanks for reading.
The market drove the gold price down and closed below the open price of previous bullish candlestick.
This bearish engulfing is the first sign of bearish movement. It is also found near the resistance zone in mid-June 2018. Therefore, it makes sense for a technical correction.
Conversely, this US gold mining stock AQG listed in ASX behaved very well from the base of orange channel, where you can spot a bullish harami pattern on 4-Dec, the price has shooted more that 34% till now.
The hanging man with a very small upper shadow stays on the downward trend line. It is likely to reverse the uptrend.
We need to see the opening price on Monday carefully, watch out any bearish candlestick patterns, you need to prepare an exit, as the gold price is started retracing.
Thanks for reading.
