Gold didn't move as expected for the past week in overall sense. Whenever I am not sure about the trend, I will look at Silver for reference.
In monthly TF, silver is forming a head and shoulder pattern. I am expecting further downside for silver to test 26 support. In 2D TF, a shooting star has been formed. I am expecting immediate selling pressure for the start of next week.
For gold, in monthly TF, the Elliot wave is also in its 5th and final wave, possible of forming a red candle for the month of March. In 2D TF, a week shooting star was also formed. I am expecting selling pressure also for gold in the next week. It could at least go down to 2835 or even lower.
Let's see how it plays out next week. Have a great weekend.
In monthly TF, silver is forming a head and shoulder pattern. I am expecting further downside for silver to test 26 support. In 2D TF, a shooting star has been formed. I am expecting immediate selling pressure for the start of next week.
For gold, in monthly TF, the Elliot wave is also in its 5th and final wave, possible of forming a red candle for the month of March. In 2D TF, a week shooting star was also formed. I am expecting selling pressure also for gold in the next week. It could at least go down to 2835 or even lower.
Let's see how it plays out next week. Have a great weekend.
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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.