Gold - Bearish
Updated
Monthly
We've had major cosnsistent rejections from $1350 per oz as price was clearly unable to breach this zone. Last month we saw price collapse below $1300 per oz and close below both our EMAs.
Weekly
Last week, we spiked at $1250 per oz holding as a key area of support. Our EMAs are firming facing downward and price this week is proving to be bearish with a potential shooting start by the end of the week.
Daily
A clearn pullback into $1260 daily area of resistance as well as our EMAs. Yesterday we closed with a textbook shooting star pattern which signifies clear downside moment to follow.
H4
The H4 TF is in alignment with higher TFs. Price pulled back into the preferred fib reigion with a shooting start and bearish engulfing rejection. We have broken our CTL as well as had an EMA crossover to the downside.
We've had major cosnsistent rejections from $1350 per oz as price was clearly unable to breach this zone. Last month we saw price collapse below $1300 per oz and close below both our EMAs.
Weekly
Last week, we spiked at $1250 per oz holding as a key area of support. Our EMAs are firming facing downward and price this week is proving to be bearish with a potential shooting start by the end of the week.
Daily
A clearn pullback into $1260 daily area of resistance as well as our EMAs. Yesterday we closed with a textbook shooting star pattern which signifies clear downside moment to follow.
H4
The H4 TF is in alignment with higher TFs. Price pulled back into the preferred fib reigion with a shooting start and bearish engulfing rejection. We have broken our CTL as well as had an EMA crossover to the downside.
Trade closed: target reached
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