Still bearish with $1210 as target
Hi,
Gold is still in consolidation mode, he broke its previous range with a top at 1274$ where a bearish gartley has been completed at $1272 and the target of the broken range has been fulfilled (1250/1262 range = 12$ -> 1262+12 = 1274$)
Now, in a daily view, gold is printing a bear flag with a clean pullback on the previous channel.
Daily Stochastic has took a breath and the momentum is now in bear mode.
I'm expecting, at least, a test of the lower boundary of the flag. If price breaks the flag, i will target 1210$ a strong support and 1171$ the goal of the bear flag.
Invalidation : daily close above the flag / in the previous channel.
Gold is still in consolidation mode, he broke its previous range with a top at 1274$ where a bearish gartley has been completed at $1272 and the target of the broken range has been fulfilled (1250/1262 range = 12$ -> 1262+12 = 1274$)
Now, in a daily view, gold is printing a bear flag with a clean pullback on the previous channel.
Daily Stochastic has took a breath and the momentum is now in bear mode.
I'm expecting, at least, a test of the lower boundary of the flag. If price breaks the flag, i will target 1210$ a strong support and 1171$ the goal of the bear flag.
Invalidation : daily close above the flag / in the previous channel.
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