Gold- Structure remains bearish, in spite of Friday's reversal
After touching 1620 on Friday, Gold has reversed strongly finishing the day towards 1660 resistance.
Looking at the posted daily chart we can see that the bearish structure is still intact in spite of this almost 400 pips reversal and will remain so as long as the 1680-1690 ceiling is intact.
That being said, my medium-term outlook remains bearish and I expect a new wave of selling.
Also, those of you who are calling for a double bottom should know that this pattern is confirmed ONLY by a break above 1725
Looking at the posted daily chart we can see that the bearish structure is still intact in spite of this almost 400 pips reversal and will remain so as long as the 1680-1690 ceiling is intact.
That being said, my medium-term outlook remains bearish and I expect a new wave of selling.
Also, those of you who are calling for a double bottom should know that this pattern is confirmed ONLY by a break above 1725