Bearish outside week ominous for GOLD - 1290/92 resistance
Main bearish argument
The bearish engulfing candlestick which engulfs the prior 3 weeks means lower prices to come
Entry?
Any rebound could be capped at $1290-92, previous support and 50% Fib of cent leg lower
Alternative bullish argument
A rising trend line connecting the July 17 and Dec 17 lows could be support for a longer term uptrend
The bearish engulfing candlestick which engulfs the prior 3 weeks means lower prices to come
Entry?
Any rebound could be capped at $1290-92, previous support and 50% Fib of cent leg lower
Alternative bullish argument
A rising trend line connecting the July 17 and Dec 17 lows could be support for a longer term uptrend
Comment:
Gold never quite reached old support near 1290 and rolled over after completing a bear flag