Good morning investor friends!
Last March 17th we were analyzing Gold and we came to the conclusion that a bearish scenario could occur down to $1700-1680 prices.
Today I found that gold formed a bearish wedge pattern. This would reaffirm the scenario from the last analysis.
There are 3 key points to consider:
1- Gold has remained below the psychological resistance $1750 (yellow line).
2- It has remained below the trend line of the bearish channel (red line).
3- It is in a bearish wedge pattern (blue lines).
All this increases the downward pressure on Gold and gives us a good chance that the price will go down again.
Therefore the scenario I propose is this:
A breakout of the bearish wedge and a fall to the next support at $1680. Which in fact at this precise moment is already happening.
If there is a true break below $1720, I would sell with a take profit at $1680 and a stop loss above $1750. In fact such a downward move could take Gold to lower prices at $1640.
I hope my analysis will be useful to you friends! Best regards 馃憢馃搱
The information provided in this publication should not be considered as an investment recommendation. Trading cryptocurrencies, forex, stocks, among others, is risky.
