Gold-ing down...
Not something to short, but finally an opportunity to get ready for a second bite of the cherry, if not the last stop to boar the train is coming up... this expected pullback (mentioned before that it can pull back as deep at 1400-1600 technically, despite all rational reasoning) mane deeper than expected. Regardless, it allows an opportunity to look for entry points.
Technically, there has been a series of lower highs, albeit a lack of lower lows for now. It is resting at a horizontal support as well as the triangle support. Later next week, with a risk to break out of the triangle, and breakdown below 1910 (also meeting the 55EMA orange line support), it would be clear as daylight that Gold is retracing and not consolidating.
Other technicals suggest more downside to follow, for example, the MACD has crossed down in the bear territory. Other correlations include a strong bullish divergence of the USD to put downside pressure on USD denominated commodities like gold and oil (Crude oil gave way first).
1800 is the immediate target over the next two weeks. Watch for it.
By the way, the white arrows indicate my last trade entry and exit points. I walk my talk.
Technically, there has been a series of lower highs, albeit a lack of lower lows for now. It is resting at a horizontal support as well as the triangle support. Later next week, with a risk to break out of the triangle, and breakdown below 1910 (also meeting the 55EMA orange line support), it would be clear as daylight that Gold is retracing and not consolidating.
Other technicals suggest more downside to follow, for example, the MACD has crossed down in the bear territory. Other correlations include a strong bullish divergence of the USD to put downside pressure on USD denominated commodities like gold and oil (Crude oil gave way first).
1800 is the immediate target over the next two weeks. Watch for it.
By the way, the white arrows indicate my last trade entry and exit points. I walk my talk.
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