GOLD: Another Move Down Is Possible
GOLD: Another Move Down Is Possible
Three days ago I posted an analysis on gold.
At that time the price was close to the resistance zone of the descending channel pattern and decreased from 2036 to 2008.
A very big move indeed.
At the moment the price is still developing within the pattern which is still valid and is dominated by bearish volume.
We can see that even the bulls are not giving up so easily because of the big news events that we have and the possible decisions that the FED can take from these data.
Today the market is again focused on US PCE data.
A very important indicator.
Although we cannot know the PCE data in advance, we must understand that the bearish pattern is intact and developing. Bulls can easily turn into bears again.
You may find more details on the chart.
Thank you and Good Luck!
❤️PS: Please support with a like or comment if you find this analysis useful for your trading day❤️
Three days ago I posted an analysis on gold.
At that time the price was close to the resistance zone of the descending channel pattern and decreased from 2036 to 2008.
A very big move indeed.
At the moment the price is still developing within the pattern which is still valid and is dominated by bearish volume.
We can see that even the bulls are not giving up so easily because of the big news events that we have and the possible decisions that the FED can take from these data.
Today the market is again focused on US PCE data.
A very important indicator.
Although we cannot know the PCE data in advance, we must understand that the bearish pattern is intact and developing. Bulls can easily turn into bears again.
You may find more details on the chart.
Thank you and Good Luck!
❤️PS: Please support with a like or comment if you find this analysis useful for your trading day❤️
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