Medium term bearish approach on Gold

15 May 2018

As the price was rejected on the 1,326 Resistance, The 1D Channel Down (RSI = 42.777, BBP = -9.0340) should now make another (and probably successful under MACD = -3.240) test on the 1,302 support for a new Lower Low (Highs/Lows = -0.2785). This is technically located at 1,290.15 and if the seqeunce immitates the last Channel Down (September - December 2017), we may see 1,275 (MA100 period) before the 1W Channel Up pushes again the price higher aggressively.