Gold Retracement For The Next Wave Of Selling

Gold is retracing mostly because of the AUD strength. The market went to resistance and I expect bearish continuation.

1738-1746 zone should provide us with bearish rejection. W H3 is an additional level which provides confluence to bearish gold outlook. 1-2-3 pattern is in play. Targets are 1725 followed by 1714, 1699 and eventual retest of 1672. I don’t expect all targets to be hit at once but possibly during the week or next week.

(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 ...

How did you like this article? Let us know so we can better customize your reading experience.


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