Price is currently moving downwards, making a series of impulses, corrections and continuations. Therefore, bear flag patterns are written all over Gold's wall. I will expect to take a short position once prices breakout of the bear flag pattern and target the 1270 price level.
If prices can break below the 1280 level and push to the downside, it could be a good indication of bearish momentum. As always, let the market reveal its hand and wait for a collapse below entering any short positions. This is because market makers will be looking to trap breakout traders (particularly those waiting to place a short position). Otherwise, only market wizards can forecast the market direction.
If prices can break below the 1280 level and push to the downside, it could be a good indication of bearish momentum. As always, let the market reveal its hand and wait for a collapse below entering any short positions. This is because market makers will be looking to trap breakout traders (particularly those waiting to place a short position). Otherwise, only market wizards can forecast the market direction.