Gold: still on a Channel Down pattern

21 May 2018

Since the last update and the short from 1,311, 2 bearish targets have been hit: 1,301.80 and 1,290.15. The last is 1,274.50 located just above the last Higher Low supporting line of the 1M uptrend (neutral RSI but still MACD = 23.990, BBP = 14.7020). If it reached 1,301.80 again it should act like a Resistance and we will short again. In short, the price is still inside a 1D Channel Down and see how similar it is to the previous one.