GOLD Technical Analysis

• Move down from W L4
• Selling the rallies
• Bearish trend continues below 1850
• Support is near

MEGATREND MAs: Bearish

H4 Chart GOLD

1. Important support
2. Swing high
3. Outside bar
4. Intraday bearish target
5. Final target

GOLD is still bearish. Technicals show a clear downtrend with many failed attempts for counter trend moves. The price is straddling the MAs and I expect further bearish continuation. Selling the rallies is an option with the 1750 zone being a strong support. If the market breaks 1750 only then we will see increased bearish pressure. The target will be 1729 which is Monthly L3.

Gold movement is influenced by the USD where we naturally see the negative correlation. Other factors to influence GOLD price movements are:

• Gold production
• Global money supply
• Global inflation
• Interest rates
• Currency debasement
• Global imbalances
• Government reserves
• Safe haven demands.

This analysis, and all entry signals and targets are a part of the Megatrend system and a trading course. I closed all of my short positions. I am planning to sell the rallies towards the 1770 zone.

Cheers and safe trading,

Nenad