WEEKLY: Price failed to close above the 38.2 fib level for 5 consecutive weeks. Last weeks candlestick was a bearish engulfing candlestick which also retested the 1828 weekly resistance closing below the 38.2 fib level, This bearish engulfing candlestick engulfed 6 weeks worth of price action closing below the daily trendline and 1787 weekly support with very strong bearish momentum.
DAILY: Price formed a double top at the weekly resistance of 1828 which lines up with the 50% fib level. Price formed a shooting star which also rejected the 1828 weekly level followed by a bearish engulfing candlestick which closed below the daily trendline. This shooting star followed by bearish engulfing candlestick tells a nice story in which buyers lost momentum and bears finally took over lol. The EMAS also crossed back over with price treating it now as dynamic resistance
Gold is headed down to the fib extension which also lines up nicely with the weekly support of 1702. I do believe that we may create new lows for the year aswell if the weekly level of 1702 is taken out.
Price may retrace first before falling down .
DAILY: Price formed a double top at the weekly resistance of 1828 which lines up with the 50% fib level. Price formed a shooting star which also rejected the 1828 weekly level followed by a bearish engulfing candlestick which closed below the daily trendline. This shooting star followed by bearish engulfing candlestick tells a nice story in which buyers lost momentum and bears finally took over lol. The EMAS also crossed back over with price treating it now as dynamic resistance
Gold is headed down to the fib extension which also lines up nicely with the weekly support of 1702. I do believe that we may create new lows for the year aswell if the weekly level of 1702 is taken out.
Price may retrace first before falling down .