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Gold- Correction over, 1k pips drop next?
As I mentioned in my analysis yesterday, I anticipate a significant drop in gold prices once the current correction ends.
As expected, the price broke above the 2320 local resistance, creating a new upward correction leg. It then reversed from 2341, giving me a precise short entry.
The candlestick pattern since Friday has formed a "bearish mat hold pattern," suggesting a continued downward trend. At the time of writing, gold is trading at 2314, below the 2320 zone, which has recently acted as both support and resistance. This adds to the bearish outlook.
Confirmation of a lower high will come with a drop below the 2300 psychological level. If this happens, the technical support at 2285 will be exposed.
Furthermore, if there is a new drop to this technical support, I expect it to break, leading gold to fall to the 2250 zone initially.
As expected, the price broke above the 2320 local resistance, creating a new upward correction leg. It then reversed from 2341, giving me a precise short entry.
The candlestick pattern since Friday has formed a "bearish mat hold pattern," suggesting a continued downward trend. At the time of writing, gold is trading at 2314, below the 2320 zone, which has recently acted as both support and resistance. This adds to the bearish outlook.
Confirmation of a lower high will come with a drop below the 2300 psychological level. If this happens, the technical support at 2285 will be exposed.
Furthermore, if there is a new drop to this technical support, I expect it to break, leading gold to fall to the 2250 zone initially.
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