Gold Bearish SHS Formation For Downtrend Continuation

Gold is again bearish. After some days of bullish retracements, it came down exactly from the resistance of the last swing.

At this point we can see that GOLD is showing Bearish SHS formation at the top so we might see another rejection. This time the rejection might come at 1848-58 zone and the price could drop towards 1827. Below 1827 we should see 1815 and eventually 1794. It has become clear that the 1870 zone is resistance so any push into it could make bulls try again to reverse the trend.

(Click on image to enlarge)

 

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. On average around 80% of retail investor accounts loose money when trading with high ...

more
How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.