Start of Gold Bearish Trend?
Price has failed to break the key resistance zone at 1360-70 and this contributed towards the formation of a double top. Price has also broken the price channel followed by a high test candle and this is a key reversal signal. For a short entry, price would have to break the lower 1300's which is also a key support zone and the last higher low of this bullish trend. 1215 will be the profit target as this is a major key level supported by other key confluences. However, for a continuation of this bullish trend I will be looking of a break of 1370 with a bullish candle. Upside profit target will be 1430.
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.