Today Gold did not confirm a rally. To the contrary, it made a topping candle. The odds are back to the dark side. Let’s have a look into details.
Daily Candles and Forecast
Today’s candle was a Spinning Top/Bearish Harami Cross. It is a strong bearish, but required confirmation.
Tomorrow is the decision day. If gold closes tomorrow:
– between $1772-1782, this would be the first bearish step;
– below $1772, the top would be confirmed;
– above $1797, the rally would continue.
The lower frames indicators suggest that the top is likely forming.
The daily are rather neutral and ready to flip in any direction.
I view the bearish path as very probable at this point.
The detailed interpretation of the quarterly/monthly/weekly candles is available in the Premium Content of the latest Weekly.
Gold was damaged greatly in June on the monthly and weekly frames. The odds are strongly on the dark side. The mid- and long-term forecast are available in the latest Weekly Analysis.
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Long Term Forecast for Silver – Premium Content (subscription required)