Gold continues its decline from 1370 high

Gold tried multiple times to break out of 1332 - 1337 region, but failed every time. This proves it's a string resistance for bulls and gives bears the chance to make a move lower. We are currently sitting at the 1322 - 1320 region that must be broken again. If we break it we can finally head lower towards 1310 - 1305 and maybe, if bears still have some energy left, break through. If we break through, there isn't a whole lot that is stopping the bears from going to 128x area.

Rsi supports the bearish direction on 4H but stoch still hasn't changed, this indicator however lags behind quit a bit so it's only a nice to have as confirmation.

The last three 4H bearish candles also indicate bears returing. If current 4H candle can close bearish we should she the above scenario unfold (break of 1322 - 1320 are).

This all becomes invalid if bears can't break lower and head back to 1332 - 1337 for another attempt.

تعليق:

A small short was successful but nothing more. It already went up before FOMC and shot up after it. Looking for longer bull now.