Ill be looking for SELLS on GOLD but I'm expecting a retest of the 50% level before we see the bearish movement, If we break it will wait for a retest for another analysis ( Feel free to leave a comment )
Gold Target 1: 1280
Target 2: 1300
We have broken below the descending trend line, 1280 should be hit soon. I feel gold is still on a bullish rally and that we will be seeing 1300+ Shortly after we find support.
Gold appears to be in an ascending channel and has made a massive move upwards over the last 2 months since it broke the EXTREMELY STRONG angled resistance line.
If you cycle down to the Daily chart the last two days candles have ended as a "doji" and "shooting star" candle.
Furthermore, the 4h chart seems to be creating a double top ("M") at the moment but...
Shorted at 1535, now with inflating dollar we could see more downside.
- Tp: 1453
- Tp2: Tentative
- Sl: Trade at your own risk
--> Next we want to look for possible retrace after this downward pressure.
--> Followed by a push even lower as indicated in my Chanel on the weekly time frame.
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