GOLD MAY RETRACE. HERE IS WHY!
hey traders,
I am and I was among those traders, who was skeptical in a further exponential growth on gold this autumn.
And finally selling volumes have been accumulated and we see a strong bearish breakout of key structure support.
Our bias clearly remains bearish and there is a lot of space to go lower,
however, what is worth paying attention to is the equal measured move formation and
slowing momentum on a lower timeframe.
for this reason, there is a high chance to see a retracement to a broken structure level,
and then, most likely, more sellers will jump in and we will see a bearish continuation to lower structure.
our first significant level of support will be around 1446.
Adjust your trading plan accordingly, good luck!
*Please, if you want more ideas on gold, support this idea liking it and leaving a comment, thank you!:)
