Gold: bears have great plans

Gold: bears have great plans

2019-11-11 • Updated

On the daily chart of gold, breaks of the lower border of the upward trading channel and the neckline of the Head and Shoulders pattern may result in a further downfall. The gold continues its downward movement towards $1189 and $1160. A break of the resistance $1209 will allow the Bears to hit these levels.

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On the hourly chart of gold, a return of quotes towards $1229 will increase the risks of the realization of the expanding wedge pattern and correction towards $1241 and $1252. If Bears manage to hold the resistance at $1218, there will be a continuation of the downward movement.

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