Gold- Structure remains bearish, in spite of Friday's reversal

After touching 1620 on Friday, Gold has reversed strongly finishing the day towards 1660 resistance.
Looking at the posted daily chart we can see that the bearish structure is still intact in spite of this almost 400 pips reversal and will remain so as long as the 1680-1690 ceiling is intact.
That being said, my medium-term outlook remains bearish and I expect a new wave of selling.

Also, those of you who are calling for a double bottom should know that this pattern is confirmed ONLY by a break above 1725



My previous outlook for Gold in medium term

Yorum:

As I said in the morning, Gold remains bearish under the 1680-1690 zone.
However, for confirmation of a new leg down, bears need to clear the 1640-1645 zone.