Gold hits short term bull targets, bear market intact

Orlando Gutierrez Learn 2 Trade

**GOLD**

Back in January 6th Gold broke with the mid term bullish structure started at the end of November 2020 on a 5 wave move (-8%) bottoming at around the 1800 level.

Price has now pulled back around 50% or a negative 4% move to retest a previous base around the 1870 level.

this level is important because it confluences with the 1.618 of the BC wave and the 1.272 of the last leg down of the 5 wave move. This are big short term bearish targets.

Should price break with the daily lows we could see bears jumping back in to retest the lows around the 1800 level. If this level breaks we could see full bearish flag targets get hit around the 1765 level

Author

Orlando Gutierrez

Learn 2 Trade

Orlando has been involved in the financial markets for about 10 years. His focus is Global Macro and he is a strong believer that the best way to trade the currency markets is focusing on the big picture and holding on to big macro trends.

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