Today’s candle was a strong attempt to make a new low and there was no move that would signal a possible bottom. Let’s try to decipher the messages from the candles, TA and waves.
This daily overview contains:
– analysis of the daily chart and TA;
– 2hr EW chart with the short-term targets;
– mid- and long-term forecasts.
The quarterly and monthly frames remain bearish. After today’s move, the weekly candle is within points of becoming a very bearish either.
Today’s candle canceled the Piercing Line and flipped the odds to the bearish side. The candle closed below all 8/20/50/100/200 EMA/MA lines. It’s closing print and the candles on the smaller frames suggest that the move downwards should continue.
Gold needs to close above at least $1780 to signal a bullish attempt. Any other closure would keep the odds bearish.
The short term path remains the same as it was outlined several weeks ago.
The long term perspective also remains unchanged.
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