Gold - Looks like a bear market is in the making
Gold moving lower, currently short, key levels for move down as per the chart. looking for price to stay under 1582 as we move lower towards the 1536 area, then a pullback towards the 1597 area then a move lower towards the 1510, from there we should see a part retracement of the overall move from the high at 1704.
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Gold retraced higher during the night, i wouldn't want this retrace to go much higher than the 38.2% level, certainly no higher than say the 50% / 61.8% zone, moving higher than that, line in the sand stuff. That said, I'm looking for gold to move down towards the 1536 area where it should find some short term support, target remains the same at approx. 1510 or even lower. Just a matter of wait and see how price unfolds.
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Updated chart in link below, slightly higher before we head lower
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Another update chart, this better shows the sell zone i'll be using.
uk.tradingview.com/chart/KfREtBNT/
uk.tradingview.com/chart/KfREtBNT/
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noted that the 2.no last chart links only have a channel, i did update the chart but seems to have defaulted to this one, strange!
