More bearish pressure coming on GOLD?
In today's analysis, we will understand the possible targets for the bearish movement triggered by the breakout of the previous support zone.
-The breakout of the previous support zone gave us a solid idea that bearish pressure was on the way. Before that movement happened, we can see 2 consecutive corrective Structures
The first one (the yellow one) of bigger size, and the second one (white dot line) on the edge of it.
-If we look at the 4hs chart, we can see that we have two possible levels as target zones. a) The lower trendline of the cloned descending channel or b) The next support zone at 1680 / 1700
-Currently, we can see a small correction going towards the new descending trendline. We think that if the price reaches that zone, a breakout of that structure can be a good short setup with a target on the mentioned levels
Thanks for reading!
-The breakout of the previous support zone gave us a solid idea that bearish pressure was on the way. Before that movement happened, we can see 2 consecutive corrective Structures
The first one (the yellow one) of bigger size, and the second one (white dot line) on the edge of it.
-If we look at the 4hs chart, we can see that we have two possible levels as target zones. a) The lower trendline of the cloned descending channel or b) The next support zone at 1680 / 1700
-Currently, we can see a small correction going towards the new descending trendline. We think that if the price reaches that zone, a breakout of that structure can be a good short setup with a target on the mentioned levels
Thanks for reading!
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