Gold dropping nicely as forecasted, watch for bearish movement!
Gold is dropping nicely after our bearish cup and handle reversal formation. We keep an eye out on this trade as it has also broke a major ascending support-turned-resistance line which normally triggers a much bigger reversal. Our 1st resistance is at 1344 (Fibonacci retracement, horizontal overlap resistance) and our next major support is at 1325 (Fibonacci retracement, horizontal overlap support, Fibonacci extension).
RSI (55) is holding really nicely below 53% which maintains our new bearish sentiment.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
RSI (55) is holding really nicely below 53% which maintains our new bearish sentiment.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
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