Traders and investors, We have been mostly bearish on gold quite a while now.
This 1680 level which has acted as strong support 4/5 times already has become a huge bearish target. There is a ton of liquidity available below it to be grabbed. The overall structure on the gold chart is still bearish as it is forming an FCP (Fibonacci Confluence Pattern) M pattern. If the mid of this M pattern which is currently at the last low i.e. same 1680 area is broken then we can expect gold to eventually fall to 1500s. This is also being support by the fact the DXY has been very bullish and still continues to climb higher. Another reason is that in 1500s we have a few gaps available which need to be closed.
Extreme Bearish Case:
If the gold market continues to fall below 1500s then 1326 area can be a very good place for short targets and subsequent buys. This is where we have a gap available too that needs to be filled and we also have the mid of the previous multi year W pattern which can act as support. Currently the weekly candle is bearish engulfing and monthly VATA Envisage is also pointing to the downside.
On the smaller time frame i.e H4 we have a possibility of creating the 3rd leg of a potential W pattern. This can push the price tp 1832/1850 level. There are few gaps available as well at 1857, 1884 and 1906.
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USDT: TJyAhd3Due7T21pGHp1NdTDGa7JH1oWRpQ (TRC20)
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