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GOLD Price Might be Dropping from the Megaphone Top

By:
Nenad Kerkez
Published: Aug 27, 2020, 06:54 UTC

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

Gold

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 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 temporary negate the bearish scenario.

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The Analysis has been done with the CAMMACD.Core and Sit Systems

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About the Author

Nenad Kerkezcontributor

M.Ec. Nenad Kerkez aka Tarantula is Elite CurrenSeas Head trader and a valued contributor to many premium Forex and trading websites.

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