Long term trend: Up
Medium term trend: Down
Significant Levels: 1416 (Horizontal Resistance), 1187 (Horizontal Support), 1270 (Medium term Significant Area)
It looks like the 1270 level (Medium term significant area) was still respected by the market. Although the price did not literally touched that level, it still signifies that the market does not want to go any further beyond that.
We are still bearish with gold right now. It would be great if the 1187 level would be broken. But as always mentioned, anything can happen in the markets. A bullish signal would be if the price breaks above this Descending Triangle pattern and a more confirmation is if the 1416 level would be broken.
Still, look for a bearish signal to trade. No Long trade would be entertained for now.
Trade well.
Medium term trend: Down
Significant Levels: 1416 (Horizontal Resistance), 1187 (Horizontal Support), 1270 (Medium term Significant Area)
It looks like the 1270 level (Medium term significant area) was still respected by the market. Although the price did not literally touched that level, it still signifies that the market does not want to go any further beyond that.
We are still bearish with gold right now. It would be great if the 1187 level would be broken. But as always mentioned, anything can happen in the markets. A bullish signal would be if the price breaks above this Descending Triangle pattern and a more confirmation is if the 1416 level would be broken.
Still, look for a bearish signal to trade. No Long trade would be entertained for now.
Trade well.