Gold is carving an Evening Star on weekly against $1765 highs

OANDA:XAUUSD   Gold Spot / U.S. Dollar
Gold weekly chart had produced a shooting star last week, after hitting $1765, indicating a potential bearish reversal ahead. The yellow metal is following up this week with an Evening Star candlestick pattern in the making. We have been calling for a potential larger degree bearish reversal sine last several weeks and a complete bearish pattern to end this week would be encouraging. A weekly close below $1705/06, would be seen as an ideal Evening Star pattern indicating further weakness. With respect to wave structure and price action, an impulse drop towards/below $1660 would confirm that the trend has reversed lower. The yellow metal has been sliding lower and the next immediate target is seen towards $1690/1700 mark. Overall structure remain bearish against $1765.


Short against $1765, targeting below $1660, $1560, $1450.

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