Gold- I'm bearish on the medium term.
In the past week I said that my outlook for Gold become bearish and, to be honest, is more and more bearish.
With the price making lower highs and the false break of the triangle resistance I believe that bulls totally lost control and a steep drop will follow.
If you take a closer look at the chart we can see that the price acted in a clear pattern of consolidation, spike, drop, consolidation, aggressive drop, in 3 occasions, and now is in the fourth sequence of this pattern. If history repeats its self (and I expect this to happen) we can have a new selloff for gold next week.
From the technical point of view now the price is just at interim support at 1940 and a break here would expose 1910.
O the medium term though, I expect this support to be broken and a steep 5-600 pips can and probably will follow.
I will sell rallies for this asset and almost sure I will double my trade if the price breaks under 1910.
With the price making lower highs and the false break of the triangle resistance I believe that bulls totally lost control and a steep drop will follow.
If you take a closer look at the chart we can see that the price acted in a clear pattern of consolidation, spike, drop, consolidation, aggressive drop, in 3 occasions, and now is in the fourth sequence of this pattern. If history repeats its self (and I expect this to happen) we can have a new selloff for gold next week.
From the technical point of view now the price is just at interim support at 1940 and a break here would expose 1910.
O the medium term though, I expect this support to be broken and a steep 5-600 pips can and probably will follow.
I will sell rallies for this asset and almost sure I will double my trade if the price breaks under 1910.
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