Gold failed to find happiness in the north

Gold failed to find happiness in the north

2019-11-11 • Updated

On the daily chart of gold, the bulls failed to hold the quotes above the important level of $1280.  As a result, there is a risk of the correction towards the convergence zone $1250-1256 and then towards the intersection of the lower border of the upwards trading channel and upper border of the long-term downward trading channel.

On the hourly chart of gold, the Bump and Run-Reversal pattern has been realized. A break of the diagonal support of the initial stage followed by the rollback of the quotes towards $1270 may result in the restoration of the downtrend.

Recommendation: SELL $1270 SL $1285 TP $1240.

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