Today’s daily closure of gold futures finally buried all bullish hopes that were so alive at the beginning of the week. The bearish pressure on the monthly and weekly time frames took its toll. Today’s candle closed red below the daily 20 EMA line and finally confirmed the Dark Cloud Cover.
- If this week closes below 1726.50, it would form a Bearish Engulfing on the weekly scale, to be followed by a multi-week continued decline.
- If this month (on March 31) closes below 1714.90, the downtrend would be confirmed on the monthly time frame.
Tomorrow and three first days of the next week will be crucial.