Gold closed bearishly in trading last week by closing below the weekly pivot for this week. The price did not break the first resistance and still results in a hidden divergence between price and RSI. If the price does not succeed to move above this week's pivot then most likely the price will continue to move down
Option: -Open short positions if the price does not succeed above the pivot and pass the previous high -TP1 at second weekly support ($ 1185 / oz) -TP2 at third weekly support ($ 1166 / oz) -SL at the first weekly resistance ($ 1211 / oz) or a few points above the previous high. -Wait for confirmation to open a position
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Potentially set to XABCD or three drives pattern, both invalid if breaks channel