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May 21, 2018 7:13 PM

Gold: still on a Channel Down pattern Short

Gold/U.S. DollarFXCM

Description

Since the last update and the short from 1,311, 2 bearish targets have been hit: 1,301.80 and 1,290.15. The last is 1,274.50 located just above the last Higher Low supporting line of the 1M uptrend (neutral RSI but still MACD = 23.990, BBP = 14.7020). If it reached 1,301.80 again it should act like a Resistance and we will short again. In short, the price is still inside a 1D Channel Down and see how similar it is to the previous one.
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