Gold Bears Are Ready as Bulls Are Slowly Giving Up

GOLD Technical Analysis

• Bullish trend but resistance is reached
• The price has reached historical sellers
• Selling zone
• Retracement is possible

1. Left shoulder
2. Head
3. Right shoulder
4. Historical sellers
5. Now moment sellers

Gold has been in the uptrend the whole week. The price has formed an inverted SHS pattern where we could see the buyers breaking out. However, historical sellers are there, waiting in ambush. GOLD is trying to push higher but it fails at resistance. 1870 is the zone which could see the price moving down if the bulls fail to make a breakout. The inverted shoulder head shoulder pattern is still intact and the longer the price is failing to break the top, the easier it will be for sellers to reject the price lower.

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Cheers and safe trading,

Nenad