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
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