Gold has retreated from its multi-year high of 1747, with price consolidating above the 9 March high of $1703 - A fall in inflation expectations and a stronger USD behind the move. That said, price is still holding the 5-day EMA on the daily chart, with the bullish trend still intact.
However let's pay attention to the "red zone" which is the end point of an extension pattern. A break of the red zone might result in a pick up of bullish momentum but double top like formation within the zone might suggest a retracement at least into the 1640s.
watch closely for formation and breaks around this area.
However let's pay attention to the "red zone" which is the end point of an extension pattern. A break of the red zone might result in a pick up of bullish momentum but double top like formation within the zone might suggest a retracement at least into the 1640s.
watch closely for formation and breaks around this area.
Comment:
Gold weekly - Not the candle the bulls want to see.