Gold is losing its worth
Updated
Bearish Pennant after Downtrend
Bullish Breakout occurred so that previous sellers in the continuation pattern get liquidated
The bulls got depleted after reaching 50% Fib, Gold could start moving in its intended direction once more!
With a downtrend market structure, I'd say that the price should surpass the previous low, so that's where my T/P is
It's 6 R/R trade, with S/L at 1975.341 and T/P at 1865.2
Bullish Breakout occurred so that previous sellers in the continuation pattern get liquidated
The bulls got depleted after reaching 50% Fib, Gold could start moving in its intended direction once more!
With a downtrend market structure, I'd say that the price should surpass the previous low, so that's where my T/P is
It's 6 R/R trade, with S/L at 1975.341 and T/P at 1865.2
Note
Also, if you notice, the volume is dropping during the uptrend as well.The bears are coming back, babyyyyyy!!!!
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