Gold Bearish Time

It's time to talk about Gold market. The price reached a resistance zone at 1300.00 level. After several attempts to break this resistance, the price bounced and we could see the falling to support at 1280.00 level. The price broke SMA100 and it confirmed a trend reversal. If the price break 1280.00 support, we should be ready to see the further downward movement to one of the possible support zones at 1250.00 and the uptrend line. These zones will be good for reversal and continuation the uptrend which we have on the daily time frame.

If we talk about the 4H, we have the trend reversal confirmation and potential for starting a new short term downtrend. Will the price drop below 1280.00 from the 1st attempt or after a correction to 1295.00 - 1300.00 zone with further reversal? It does not matter. The market looks bearish in the medium term and this downward movement will be logical in the structure of the daily uptrend.

Kommentar:

Sideway correction, bouncing from the zone formed by SMA20 from the daily timeframe and 1280.00 level and we have a new attempt to break 1300.00 resistance. How it will be done - let's watch for the market after the weekend.