Gold: a bounce before a larger move down?
My gold index is evolving in a bear flag type of pattern which should resolve lower. although price currently hit the support line of its symetrical triangle which should provide a temporary bounce, I will be looking for short entries to target the 61.8% and 100% extension fibs.
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Gold has been bouncing as anticipated but we are yet to see an impulsive move. So far the move looks really corrective.Daily chart:
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Gold reached our target. Short positions are now favoured against the top of the symetrical triangle.Note
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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.