The second half of 2018 saw Gold make an impressive 1000+ pips bull run from the 1179 region to 1290 region. 1290 ultimately served as a resistance to the market as expected and the last 3 weekly candles have closed as bearish rejection candles. This can only spell gloom and doom for gold in the weeks to come.
it is unclear if gold will erase the 1000 pips rise in the 2nd half of 2018, but one thing is clear, this pair is about to start a sharp drop. the pair has over the last three weeks failed to close above the confluence of trend lines (TL) as indicated in the chart above. We could see 1236 in the coming weeks and possibly 1190-1170 in a few months to come. Either way we are gonna be selling this pair hard.
it is unclear if gold will erase the 1000 pips rise in the 2nd half of 2018, but one thing is clear, this pair is about to start a sharp drop. the pair has over the last three weeks failed to close above the confluence of trend lines (TL) as indicated in the chart above. We could see 1236 in the coming weeks and possibly 1190-1170 in a few months to come. Either way we are gonna be selling this pair hard.
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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.