I see a Bearish setup for Gold, the bulls have lost momentum and in the coming week i expect the Bears to take control.
1st of all The Weekly candle entered the supply zone(The Red Rectangle) with a lot of momentum, but failed to break it and close above it.
Secondly we just touched the down trendline for the 3rd time at 1895.
It took 2 weekly candles for price to drop from 1895 to Around 1770,and than it took 5 candles for price to rise from Around 1770 back up to 1895
Price looks like its forming a bullish flag, so in order for us to complete the Bullish Flag we should see a huge dip in price for that 3rd Touch at 1730.
Our Target for the Sell would be @ 1770 just to be on the safe side.
Than we will wait for the 3rd touch and Price Action at the 3rd touch, after that we Sky Rocket all the way back up to 2060
1st of all The Weekly candle entered the supply zone(The Red Rectangle) with a lot of momentum, but failed to break it and close above it.
Secondly we just touched the down trendline for the 3rd time at 1895.
It took 2 weekly candles for price to drop from 1895 to Around 1770,and than it took 5 candles for price to rise from Around 1770 back up to 1895
Price looks like its forming a bullish flag, so in order for us to complete the Bullish Flag we should see a huge dip in price for that 3rd Touch at 1730.
Our Target for the Sell would be @ 1770 just to be on the safe side.
Than we will wait for the 3rd touch and Price Action at the 3rd touch, after that we Sky Rocket all the way back up to 2060
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