We await the price to confirm the last step (6) to complete the distribution Phase. The price has fallen to SUPPORT as we predicted. Once a LOWER LOWER is formed, the Distribution Phase is complete. Expect gold turn to remain bearish. Falling as low as 2815.
BULLS:
If the price can respect the support and bounce back above 2910 with strong bullish momentum, we can see the price rally back up to the 2950 area.
BEARS:
If the price creates the lower low as we are expecting around 2860-2880. Then look for the price to:
1. retest support as far back up to 2910.
2. dramatically fall and continue its pullback as low as 2800-2820
BULLS:
If the price can respect the support and bounce back above 2910 with strong bullish momentum, we can see the price rally back up to the 2950 area.
BEARS:
If the price creates the lower low as we are expecting around 2860-2880. Then look for the price to:
1. retest support as far back up to 2910.
2. dramatically fall and continue its pullback as low as 2800-2820
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Related publications
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.