Last week’s price action for GOLD was very bearish breaking through a strong trendline and a strong support zone with very little retracement. On the weekly time-frame, we have now had a complete ‘double-top’ formation where price has now just passed the neck-line ready for entry. I believe GOLD has more bearish momentum to go. However, we could argue that GOLD only broke the support zone due to NFP Data last Friday. This would mean, we could see a bit of bullish movement as a retracement to the resistance zone then price will head down further. Judging by the double-top and a proven strong support area, I have put my TP at 1130.
Comments
andmk2
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Agreed. A good technical summary of the situation.