Gold- Immense Bearish Engulfing, change of long term trend?
There had been 2 very volatile days for Gold, Friday with a strong reversal from 1825 to 1875 and yesterday with a hard drop from 1880 to 1825 again, putting in an immense Bearish Engulfing on our daily chart.
At this moment the long-term bull trend for Gold can be in jeopardy with the price sitting on very important confluence support given by 1820 horizontal support, but, more importantly, on the long-term trend line.
Considering the sequence of lower highs started with 2050 old ATH and the incapacity of Gold's incapacity to pass above 1880 resistance there is a high probability of a change in the long-term trend.
I'm bearish at this moment as long as the price stays under 1880 and selling rallies can be a good strategy.
1840-1850 zone is resistance and, a break under 1800 could lead to a big drop even to 1680 on longer term.
At this moment the long-term bull trend for Gold can be in jeopardy with the price sitting on very important confluence support given by 1820 horizontal support, but, more importantly, on the long-term trend line.
Considering the sequence of lower highs started with 2050 old ATH and the incapacity of Gold's incapacity to pass above 1880 resistance there is a high probability of a change in the long-term trend.
I'm bearish at this moment as long as the price stays under 1880 and selling rallies can be a good strategy.
1840-1850 zone is resistance and, a break under 1800 could lead to a big drop even to 1680 on longer term.
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