GOLD Trend is Still Bearish Targeting Lower Levels
The Gold has formed a swing to the upside – towards 1480 but couldn’t proceed. 1475-80 is the zone where the price might reject again.
However if we don’t see a retracement to 1475, pay attention to 1468-70 as we might see a rejection over there too. Targets are 1465, 1457 and 1451. Break of 1451 is aiming for 1444. Only a bounce above 1483 will be bullish targeting 1489 and 1502. The ATR of the GOLD has been modest so the increase in volatility might be expected due to yearly profit taking in upcoming weeks.
The analysis has been done with the CAMMACD.MTF template.
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Many green pips,
Nenad Kerkez aka Tarantula FX