Gold is going lower and this is almost guaranteed. There are enough waves and candles to make an forecast for the targets and timing. Let’s test the hypothesis from the different perspectives.
After a confirmation of reversal on Harami, gold was expected to rest. Today’s small red candle can be viewed as the first one in the series.
From technical perspective, the price is 8 EMA and there is good chance that a bearish 8/20 EMA cross happens tomorrow or the day after.
A daily closure above ~$1810-15 would signal some bullishness in the air. Until then – bearish.
A detailed interpretation of the monthly and weekly candles is available in the Weekly/Monthly Analyses. Links – at the end of this post.
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Previous Monthly and Weekly Analysis: