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GOLD:
1. / Monthly chart: bearish candlestick pattern was formed and confirmed.
2. / Weekly chart: bullish candlestick pattern formed at $ 1764 bottom is a continuation of the major trend. It had a chance to go up this past week, the $ 1970 minimum target is not reached and a bearish candle formed. A strong bearish candlestick pattern with large increasing volume put gold in danger, dropping below the $ 1764 bottom signaling that the price will drop deeply after that.
3. / The daily chart also has a chance to rise according to the H&S pattern, it failed and this signals the gold will decline in the next time.
Support is very much, now it can be seen that the price closes the downward centerline, the lower is the upward centerline at the $ 1800-1810 zone, further than the trend line and the downward center line. Despite a lot of support as seen on the chart, falling below $ 1764, gold will open the door to $ 1470-1500.
Source: VN Traders
GOLD:
1. / Monthly chart: bearish candlestick pattern was formed and confirmed.
2. / Weekly chart: bullish candlestick pattern formed at $ 1764 bottom is a continuation of the major trend. It had a chance to go up this past week, the $ 1970 minimum target is not reached and a bearish candle formed. A strong bearish candlestick pattern with large increasing volume put gold in danger, dropping below the $ 1764 bottom signaling that the price will drop deeply after that.
3. / The daily chart also has a chance to rise according to the H&S pattern, it failed and this signals the gold will decline in the next time.
Support is very much, now it can be seen that the price closes the downward centerline, the lower is the upward centerline at the $ 1800-1810 zone, further than the trend line and the downward center line. Despite a lot of support as seen on the chart, falling below $ 1764, gold will open the door to $ 1470-1500.
Source: VN Traders
