Gold Bearish Short to Medium-Term Outlook

"As noted in our previous analysis, the price was targeting 2,695. It has since reached 2,720 in seven waves, which may represent Wave 2 or B. Following this, the price began a new downward move, likely forming Wave C or 3.

The price is expected to retrace inside the recent bearish imbalance (Fair value gap) to levels:

-** 2,645.96
-** 2,655.51
-** 2,667.90 “Daily Bearish order block”


- **Wave C Target:** 2,470
- **Wave 3 Target:** 2,310

Supporting this bearish outlook are the 4-hour bearish engulfing pattern and the MACD signaling a bearish crossover.

El Sayed Owaidy, CETA, CFTe