Short-term retracement on GOLD is coming!
Hi All,
I am short on GOLD since it hit 1294. It encountered a heavy structure RESISTANCE (green area). It couldn't even reach a psychological level of 1300$.
From a technical perspective we have a:
1) Bearish Butterfly Harmonic Pattern and a traingle formed on top of it
2) Price action is breaking through 50 SMA
3) Bearish MACD, heading to break 0 level
I expect the price to reach the yellow area ( round 1237$).
Good Luck & Have Fun
I am short on GOLD since it hit 1294. It encountered a heavy structure RESISTANCE (green area). It couldn't even reach a psychological level of 1300$.
From a technical perspective we have a:
1) Bearish Butterfly Harmonic Pattern and a traingle formed on top of it
2) Price action is breaking through 50 SMA
3) Bearish MACD, heading to break 0 level
I expect the price to reach the yellow area ( round 1237$).
Good Luck & Have Fun
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