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.
Many green pips,
Nenad Kerkez aka Tarantula FX