- Gold bears take control and break into fresh bearish territory.
- Further downside on the cards, but market volatility is here to stay.
From an ongoing analysis, the bears have finally managed to catch the break that they were looking for and the prior analysis had forecasted originally, here:
and again, here:
To be continued...
As illustrated, the trendline resistance held and the price eventually crumbled to the first target area.
So where is next?
However, markets rarely move this far without offering a discount, especially in an asset class such as gold which is proving to be very choppy of late offer a higher ATR for the year 2020:
It is reasonable to expect a pullback to the prior support structures, which are now expected to act as resistance:
There is a cluster of Fibonacci retracement confluence with the various resistance structures.
If the price does indeed hold below these, then the monthly 38.2% Fib in the $1,840 area is on the cards.
|Today last price||1877.07|
|Today Daily Change||-30.73|
|Today Daily Change %||-1.61|
|Today daily open||1907.8|
|Previous Daily High||1911.46|
|Previous Daily Low||1897.92|
|Previous Weekly High||1931.54|
|Previous Weekly Low||1894.48|
|Previous Monthly High||1992.42|
|Previous Monthly Low||1848.82|
|Daily Fibonacci 38.2%||1906.29|
|Daily Fibonacci 61.8%||1903.09|
|Daily Pivot Point S1||1899.99|
|Daily Pivot Point S2||1892.19|
|Daily Pivot Point S3||1886.45|
|Daily Pivot Point R1||1913.53|
|Daily Pivot Point R2||1919.27|
|Daily Pivot Point R3||1927.07|
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