Gold’s candle today did not either confirm nor reject the topping structure. Made it a bit more bearish. The odds continue to be on the dark side. Let’s explore the details.
Daily Candles and Forecast
Thursday’s candle engulfed the previous one, but it did not close low enough to finally confirm the top.
The price was below the 20 EMA for 2 days, but above the 8 EMA. The battle continues and tomorrow could be the decision day.
I view the bearish path as very probable at this point, especially if you recall the monthly and quarterly candles and indicators.
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 forecasts are available in the latest Weekly Analysis.
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Long Term Forecast for Silver – Premium Content (subscription required)