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We are back inside the Descending Channel / Bearish Pressure

Short
COMEX:GC1!   Gold Futures
A lot of attention on Gold since we observed the bullish breakout of the descending channel . However, the excitement didn't last long when we had an aggressive bearish movement making the price go again the bearish structure. What now?


Let's start with the Weekly chart:

Here we can observe a Huge bearish engulfing candlestick ( Bullish FakeOut of the descending channel ). The movement happened on the Previous All-time High zone (working as a resistance zone )

From a Weekly perspective, we can define a target of 1700 if the bearish pressure keeps coming.


Now we will pay attention to the 4HS chart

-Our main structure is the descending channel ; the bearish movement found support on the previous support zone (1840).

-We expect the price to correct on this level with similar proportions to the one that happened before (check the green arrow)

-If that happens and we can define a clear ABC pattern, we think that the breakout of it will mean a confirmation for the bearish movement towards the Weekly Target at 1700

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Comments

Nice mentioning the bearish channel.
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My view on gold:
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