Gold is in trouble

Gold is in trouble

2019-11-11 • Updated

Recommendation:

SELL $1236

SL $1246

TP1 $1224 TP2 $1210

On the daily chart, gold is testing the neckline of the “Head and Shoulders” pattern. The break of the inside bar’s low and the following decline below the diagonal support will mean the return of power to bears. The condition necessary for the resumption of the downtrend is successful test of supports at $1230 and $1220 per ounce.

gold1.png

On H1, the pattern “Spike and reversal with acceleration” is in place. The first of the two trend lines was broken. Bears need to pull the price below the support at $1236 to regain power.

gold2.png

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