After the test of a major horizontal daily demand cluster, sellers look weak on Gold.
Analyzing the price action for the last 3 weeks, I spotted a completed inverted head & shoulders pattern.
1925 - 1941 is the neckline of the pattern.
Bullish reversal will be confirmed once a daily candle closes above that.
A bullish continuation will be expected then to...
Gold is still very bearish.
After a pullback, the price formed a double top pattern on 1H time frame.
The neckline of the pattern is broken.
I expect a bearish movement to 1900 / 1895 levels.
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As I predicted, Gold dropped this week.
The price successfully violated 1924 - 1940 horizontal demand cluster.
The broken structure turned into a supply area from where we saw a strong rejection of Friday.
I do believe that the market will keep falling next week.
Next support - 1900.
If the price goes higher, watch a falling trend line.
That will be the next...
