Gold Bearish Analysis
Gold has respected the supply (resistance) zones for several days now. After a double top formation, there was a huge sell off. I'm expecting the sell off to continue, but after a big move like that, I am expecting a possible retracement to test the neckline of the double top. I'm expecting price to meet resistance (since it once served as support) at the neckline and continue its move to the down side. Ater another nice sell off, another rally may occur ultimately creating the the right shoulder and completing the bearish head and shoulder pattern. I'm expecting price to fall and find support at the demand zone below and possibly find support at the 61.8 fib level. What do you guys think? Open to all feedback and suggestions. If you have a different opinion, feel free to attach a photo of your analysis. Like, comment and/or follow please !!
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