Gold Rejection of wedge retest confirms continuation short
Todays retest and rejection of the top (wedge) longterm trendline further confirmed that further downside on gold can be expected this week or possibly into next week.
The retest of this (upper) trendline was expected to confirm if a bullish move was imminent or if bearish sentiment was still strong, and todays rejection seemed to confirm bearish Price Action is still to be expected. After further consolidation we may see Gold move down to retest and likely break below 2000, at which point 1985 area can be expected. Please see my prior chart for the expected range for this week (or next).
The retest of this (upper) trendline was expected to confirm if a bullish move was imminent or if bearish sentiment was still strong, and todays rejection seemed to confirm bearish Price Action is still to be expected. After further consolidation we may see Gold move down to retest and likely break below 2000, at which point 1985 area can be expected. Please see my prior chart for the expected range for this week (or next).