Technically gold has all the reasons to continue lower. Daily chart is under bearish pressure because of the divergence. It made a false break up and we have a nice flag, showing correction well seen on the H1 chart. The plan is to join if and once the up trend line is broken.
Technical Overview:
D1 – bearish divergence, false break
H4 – triangle broken down
H1 – flag/trend line
Entry: H1 – Look for a break below the trend line along with the most recent support and go short.
Target 1: 1180
Target 2: 1160
Target 3: 1000 (long term target)
Stop Loss: above last high created
Yours,
Vlad
