Gold bear has technical but slowing down

Updated

Nov 25 Daily price action showing signs that bear 2nd leg is nearly over. Incidentally, 1.618 targeting mid-1150s is nearby. A few trend lines for confluence and also great support regardless. The minimum target would be 1280, pullback and continue to upper targets/retest the 1375 high. This is assuming 1170 breaks down - which it may not if there's enough bullish continuation this week.

So alternative scenario: If bears can't break 1170 and bulls look good on h4 then 1230-40 is my safer target i.e. retest recent breakdown.

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The purple channel is merely a forecast for price targets and resistance if the C leg up comes to fruition.

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My expectation is still bearish with bullish intermediate (intraday) targets.

I'm currently long (small positions) until 1205-1211 where I'm looking to short for the mid 1150s target.

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Closed off longs. Back to shorting >

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There's not enough volume or impulse for this downmove. I'm expecting this to be a flat consolidation. Possible bear trap into bull trap. I'll look to short again at the upper levels.

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I'd be weary about going long from this lvl (low 1170s) - there's simply not enough signals to trade this possible flat. Looking at h1 price action, there are signals however that this is wave 4 of the 5th wave down especially if prices stay tight range.

In any case I'm always looking to short for my 1150s target.

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Getting close for 1150s. Specifically looking for some good action between 1157 and 1153

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Last short for me 1180-81 for 1157. There might be over travel to 1155 but this lining up is looking positive for the next cycle

Order cancelled

No good fellas. Odds of hitting Yearly Pivot is much higher -- Short TP 1133. Will buy there.

OwenMohd

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