GOLD Bearish SHS Formation for Downtrend Continuation

2 min read
tarantula fx

tarantula fx

Head of Trading

Dear traders,

Gold is again bearish. After some days of bullish retracements, it came down exactly from the resistance of the last swing.

At this point we can see that GOLD is showing Bearish SHS formation at the top so we might see another rejection. This time the rejection might come at 1848-58 zone and the price could drop towards 1827. Below 1827 we should see 1815 and eventually 1794. It has become clear that the 1870 zone is resistance so any push into it could make bulls try again to reverse the trend.

The Analysis has been done with the Black Widow system.

Good trading,
Nenad Kerkez

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