Gold/USD: Continual Downward Pressure
- Gold/USD is showing continual downward pressure finishing a ABC of the ABCD Fibonnaci pattern.
Its currently held up in a Cumulus Cloud formation but moving lower (which has turned to a bullish stratus, sign of indecision & consolidation)
- The C of the ABCD peaked just above the 61.8% Fib level and is now moving down to its previous low
- We have confluence on the D level from March of 2015
- A break of the previous low Fractal @ 1175.53 will confirm the Downward pressure we are monitoring
- Short term downside target of $1150.00
Short Bias on this Security
Its currently held up in a Cumulus Cloud formation but moving lower (which has turned to a bullish stratus, sign of indecision & consolidation)
- The C of the ABCD peaked just above the 61.8% Fib level and is now moving down to its previous low
- We have confluence on the D level from March of 2015
- A break of the previous low Fractal @ 1175.53 will confirm the Downward pressure we are monitoring
- Short term downside target of $1150.00
Short Bias on this Security