GOLD, Further Declines Likely To Follow, Crucial Scenarios!

Hello,

Welcome to this analysis about GOLD, in which I am looking at the weekly timeframe perspectives. In recent analysis, I already mentioned that GOLD has developed this massive descending-channel-formation in which it has serious local resistances likely to show up with pullbacks to further bearish continuations, if you did not see this analysis already I highly recommend it to watch as this is building a coherent follow-up to the previous one. On the weekly timeframe perspectives now I discovered meaningful developments GOLD is forming that will play a decisive role in the next hours, days, and weeks. For now, we should not keep the bearish perspective out of sight as there are significant signs of an increase in it.

Structural Developments:
When looking at my chart now we can watch there how GOLD on the weekly timeframe perspective reached critial points which have a bearish indication. Firstly it is the 50% Fibonacci-retracement into which GOLD moved and immediately pulled back which is a serious bearish sign, further it is the 20-EMA marked in red from where GOLD also pulled back and now is forming this spinning top candle on the weekly which is a bearish reversal candle. GOLD additionally has also meaningful resistance within this zone from 1820 to 1830. These are the levels also matching with the 35-EMA and 100-EMA with the local resistance I already mentioned on the 2-day timeframe perspective analysis before.

Upcoming Determinations:
Taking all these factors into the consideration now GOLD is in a situation in which it has developed bearish signs that will be crucial in the upcoming times. As already spotted on the more local timeframe perspectives there are also bearish developments likely to set up for further bearish legs to the downside. When GOLD moves below the 1740 level into the wave-C-extension-zone as it is marked in my chart then it will protract the wave C in the wave-count to the downside and will appoint the lower descending-trend-line. For now, these perspectives should not be underestimated and it is important to rightly prepare on such developments to do not get overwhelmed by circumstances when they finally happen.

In this manner, thank you for watching my analysis about GOLD and the crucial bearish developments forming now also on the weekly timeframe perspective, great when you support it with a like and follow or comment, all the best!
"The high destiny of the market is to explicate, rather than to speculate."

Information provided is only educational and should not be used to take action in the markets.

Comment:

GOLD Descending-Channel-Formation Origin-Analysis On The 2-Day Timeframe Perspective:

Comment:

ANALYSIS UPDATE: GOLD pulled back bearishly off the major structure resistance to emerge with the bearish wave C completing the bearish wave count.