Bearish structure breakout

Wave 2 in play above 1570

Continuation pattern in play

3 consecutive sessions above POC

Earlier this week we discussed how how bullish we were in Gold at the  level and even more so at the breakout of the bearish structure started in January. We went long and are still holding partials to our position at the dip of wave 2 with our eyes in that 1600 price point but it's really too soon to start talking about this so let's move back to current price action. 

The dip to 1562 was where bulls started to take control of this market. If you notice the past 3 sessions price has traded and closed above it's POC, this is an indication of a very bullish situation in this market. Also, price is consolidating inside a continuation pattern at the top of the range at the very KEY level around 1575. I believe this bullishness is just starting and a break above 1578.50 will definetly indicate a continuation of this rally. 

The current bullish structure remains in play and bears shorting this market here should be very careful managing their risk 

Gold

The interpretation and use of the tradeing signals and market analysis generated by ogfx is at the sole discretion of the customer, subscriber, member or trader. OGFX and its owners shall not be responsible for any claims in losses directly consequential of any trading activity.

Analysis feed

Latest Forex Analysis

Editors’ Picks

EUR/USD trying to set an interim bottom

EUR/USD has been consolidating around 1.0800 for a second consecutive day, ignoring risk-off and broad dollar’s demand. The case for a corrective advance becomes stronger.

EUR/USD News

USD/JPY stabilizes around 112.00 fresh 2020 highs

The USD/JPY pair has finally stalled at 112.22 but holds on to most of its latest gains. Buyers defending the downside in the 111.60/70 price zone.

USD/JPY News

AUD/USD at an over one-decade low near 0.6600

An uptick in the Australian unemployment rate, moving further away from RBA’s desired 4.5% level took its toll on the Aussie, also pressured by ruling risk-off.

AUD/USD News

Gold jumps to the highest level since February 2013, around $1620 area

Gold reversed an early dip to the $1604 area and jumped to fresh multi-year tops during the mid-European session on Thursday.

Gold News

FXStreet launches Real-Time Trading Signals

FXStreet Signals offers access to explanatory live webinars, real-time notifications when signals are triggered and exclusive membership to the company’s Telegram group, where users get direct guidance by our analysts and get room to discuss and interact.

More info

Forex Majors

Cryptocurrencies

Signatures