GOLD UPDATE, Since Bearish Volatility Entered, What Comes Next?!

13 Ağu 2020

Hi my friends,

since GOLD formed its heavy bearish breakdown marking way below the local range support what comes next, can it stabilize in the range and move higher again or more downside is to expect?

Looking at my chart you can watch that GOLD currently stabilized a bit before marking the lows at 1880 it shows some bullish signs which are normal after such a heavy down move, therefore, we can expect GOLD to move on to test higher the higher levels in the range and remaining resistance which can be seen as a retest of the supply possibly still within the market. This can go on till the Fibonacci-resistance which you can watch marked in red where GOLD has resistance and possibly bearishness can enter again, when this happens this does not mean GOLD will form new lows which exceeding these at 1880 but this can mean it moves to test the EMA-structure in the range before deciding further movements. When GOLD does not manage to hold the 200-EMA marked in green and moves below it this can indicate further increase of bearish pressure and a continuation towards lower levels.

In this manner, thank you for watching the analysis, support for more market insight and all the best my friends.

Information provided is only educational and should not be used to take action in the market.

13 Ağu 2020

Not

14 Eyl 2023

Not

ANALYSIS UPDATE: GOLD pulled back off the upper resistance cluster and from there on emerged with the crucial bearish wave.

GOLD since pulling back from the major resistance zone increased massive bearishness to continue into the bearish continuation zones.