GOLD Price Might be Dropping from the Megaphone Top

Dear Traders,

Gold is currently in an intraweek downtrend. We still might expect selling the rallies and bearish continuation moves.

On the H1 chart, we can spot a huge bearish Head and Shoulders pattern which is looming above the price. 1966-70 zone is the POC where sellers should appear. If we don’t see a retracement towards the POC zone, watch for a continuation below D L4 camarilla – 1925. Targets are 1919 followed by 1908 and 1900. Only a move above 1982 will temporarily negate the bearish scenario.

The analysis has been done with the CAMMACD system.
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Many green pips,
Nenad Kerkez aka Tarantula FX
Elite CurrenSea