Gold Stops At Double Channel Resistance Line
Long story short
Gold- bulls failed at double-channel resistance lines, at 61.8% and at big 2k level. Lower trendline broken. Even H/S top is possible here, maybe not the perfect shape though.
Ultra hawkish Fed is also bearish gold, so will look down while we are below 2k. Daily close above that level will need adjusted outlook.
Looks bearish.
Grega
Gold- bulls failed at double-channel resistance lines, at 61.8% and at big 2k level. Lower trendline broken. Even H/S top is possible here, maybe not the perfect shape though.
Ultra hawkish Fed is also bearish gold, so will look down while we are below 2k. Daily close above that level will need adjusted outlook.
Looks bearish.
Grega
Explore our services
👉wavetraders.com/elliott-wave-plans/
Learn Elliott Waves
👉 wavetraders.com/academy/
Newsletter Sign up
👉 bit.ly/3FVPVzO
👉wavetraders.com/elliott-wave-plans/
Learn Elliott Waves
👉 wavetraders.com/academy/
Newsletter Sign up
👉 bit.ly/3FVPVzO
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.