Yesterday Gold had to hold 1311$ in order to maintain altitude and stay inside the uptrending channel on the smaller time frames. I felt most probably it will fail and unfortunately it did for the Gold bulls and short term momentum has turned bearish.
Heres the update from yesterday:
Now, the next closest visible support is down in the 1292$ area on the Daily chart which has formed a sHs pattern based on the slope which is another indicator it will most probably turn down from here.
IF Gold fails to hold 1290$ area the next and final support on the Daily chart is 1255$ area after which the only support left is on the Monthly which to be fair is still looking BULLISH.
I am not taking any positions as of now as there is no high confidence entry at this point.
Heres the update from yesterday:
Now, the next closest visible support is down in the 1292$ area on the Daily chart which has formed a sHs pattern based on the slope which is another indicator it will most probably turn down from here.
IF Gold fails to hold 1290$ area the next and final support on the Daily chart is 1255$ area after which the only support left is on the Monthly which to be fair is still looking BULLISH.
I am not taking any positions as of now as there is no high confidence entry at this point.
Even though the price stopped there , still no significant bounce meaning support isnt very strong and probably will breach to the downside after a small bounce if any.