As forecasted two days ago, gold is resting, building strength before going lower. There are enough waves and candles to forecast the targets and timing. Let’s test the hypothesis from different perspectives.
After a confirmation of reversal on Harami, gold was expected to rest. Today’s small green candle is likely the second one in the series. At this point, gold can resume the decline any time.
From technical perspective, the price is below 8 EMA and there is good chance that a bearish 8/20 EMA cross happens soon.
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: