Gold has broken broken rising channel level 1219 indicating an end of minor bullish cycle.
RSI was diverging at 1236 along MACD showing a high potential for bearish momentum.
U.S Yield curve bonds are at historical high levels since yesterday hawkish FOMC statement which adds more pressure on the precious metal.
Technically, RSI and MACD indicate a new bearish cycle.
We are looking for a test at 1215-1212 reaction zone. In gold broke it, when we have ABC pattern + swing target at 1205+/- 1.27% extension.
In case we broke 1200 level, its an indication for a failure of major bullish cycle and we should visit 1180+ levels.
Recommendations:
Entry levels: 1222 - 1227-
Stop loss: 1232
TP 1222 - 1215 - 1212 - 1205+
RSI was diverging at 1236 along MACD showing a high potential for bearish momentum.
U.S Yield curve bonds are at historical high levels since yesterday hawkish FOMC statement which adds more pressure on the precious metal.
Technically, RSI and MACD indicate a new bearish cycle.
We are looking for a test at 1215-1212 reaction zone. In gold broke it, when we have ABC pattern + swing target at 1205+/- 1.27% extension.
In case we broke 1200 level, its an indication for a failure of major bullish cycle and we should visit 1180+ levels.
Recommendations:
Entry levels: 1222 - 1227-
Stop loss: 1232
TP 1222 - 1215 - 1212 - 1205+