GOLD One more move down before the big bullish reversal
Hey traders:
Similar like Silver's price action, I do see GOLD can have one more move to the downside on the short term, before reversing up and continue the higher time frame bullish outlook.
We can see the price is repeating similar price action like previously, where a move to the upside did not continue, rather it had the reversal impulse down, and follow by a bearish continuation correction to push lower.
We we can reasonably expect the same potential on the current price action to develop similarly, and looking for the next bearish impulse phase to happen and push down the price to either the previous lows of the double bottoms before the upside move, or price may break pass that level, but at the bottom of the HTF channel, still expecting the bullish reversal to happen.
Be on the lookout for the completion of the bearish correction first, and look for one more sell potential to the previous lows.
@King_David888, Yea, waiting for the correction to complete before selling is a good plan :)
Chinny22
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Is there any indication to know when the correction is complete ?
jojofang0901
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@tamarahokam watch for the lower time frame development within the current correction. We should get some multi time frame, bearish price action to form within in
Thanks for your chart mate.
@jojofang0901