KamalFX
Short

BULLISH GOLD COMING TO AN END?

FX:XAUUSD   Gold Spot / U.S. Dollar
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Here's my monthly breakdown for gold against the us dollar . The precious metal has been bullish since the start of the year which I and my team predicted quite early on, if you have a look back at my earlier posts. I now think this strong bullish trend is due to come to an end. Price is approaching the monthly trend line as well as a monthly resistance zone around the $1400 area. This lines up with the 38.2 Fibonacci retracement level for added confluence.

On the daily time frame, price has formed a bullish wedge pattern which means (based on probability) that price is more likely to break to the downside.

Related Ideas

we might have just broken this
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Yeah it looks like we're gonna break to the upside and go higher. But I currently have no bias I'll enter either a long or a short as long as I am presented with a clear opportunity.
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