Gold seems hesitant to retest 2400
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A prominent bearish candle formed on Monday, and despite rising over the next two days gold has failed to recapture Monday's losses. The fact that over half of Wednesday's range was upper wick also suggests bulls lack the adequate enthusiasm to extend gold's rally, for now at least.
Furthermore, the 4-hour chart shows that the previous 3 high-volume spikes landed on bearish candles which suggests distribution is occurring.
The bias therefore is to fade into strength below 2400 on the assumption that prices are preparing to roll over once more, with 2360 and 2350 making viable downside targets.
Furthermore, the 4-hour chart shows that the previous 3 high-volume spikes landed on bearish candles which suggests distribution is occurring.
The bias therefore is to fade into strength below 2400 on the assumption that prices are preparing to roll over once more, with 2360 and 2350 making viable downside targets.
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