Gold is in reversal but is in trouble by sharpen Bear claws.
GOLDis set for a small continuation or perhaps a small reversal if the latest Bull pennant fails as bears claw with all their power.
Gold could head up circa 1970 if pennant breaks positively.
However, it could return to the 1950 before trying for another bull move.
As the Daily Market Break comes and all markets are closed, the low volume we will see it is unlikely to make the current pennant win. This means that in the 15 and hour timeframes, Gold will produce another decending channel or perhaps try a new low after the too strong peak performed during the last lateral channel.
The channel was offset but a bull rise of almost 5% upwards. (yellow triangle) and its likely to be corrected in the other direction, substracting 5% - 1952- to the lower part of (blue channel) lateral channel.
It is good to remember Gold has escaped a decending channel two days ago and its supposedly heading for new weakly highs. As for now Gold now has set a new monthly low for the first time in 3 months. Bears have sharpened their claws and seem to have a strong swing to keep in mind for future strategies.
Also, we have a strike of two dayins closing with gains, it personally think it is unlikely we will head for a 3rd winning day in a row in a bear zone.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.