Bears are ready to be in charge
Initiated a Short/Sell position in Gold at 2038, driven by the recognition of an ABCD pattern formation, with the C point precisely aligning with the Fibonacci golden ratio of 50%.
In addition, declining on the basis of fundamentals since last week, The price makes a false break of resistance and decreases by 1.7%.
Furthermore, the current price levels reside comfortably below the Exponential Moving Average (EMA) 50, reinforcing the presence of bearish signals in the market.
The Dow Theory has also signaled the formation of a new lower higher , indicating a resumption of the down word trend, in line with our trading strategy.
In addition, declining on the basis of fundamentals since last week, The price makes a false break of resistance and decreases by 1.7%.
Furthermore, the current price levels reside comfortably below the Exponential Moving Average (EMA) 50, reinforcing the presence of bearish signals in the market.
The Dow Theory has also signaled the formation of a new lower higher , indicating a resumption of the down word trend, in line with our trading strategy.
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