Gold XAU/USD: IDEA Bearish long term ?
Here is an analysis on Gold long term
Last time we looked @ Gold long term analysis the pair was trading @ 1698
We expect gold to reverse @ $1680 level & expect another $2000 attempt.
However a bearish harmonic is forming currently on the 1D chart, not yet confirmed
What to expect.
Bearish harmonic formation @ an area of support/resistance on the 1M chart
If Gold closes the month of May above $1850
We would expect it to test $1875 followed by a retracement to $1850 before continuing
its bullish trend to $1900
But if it fails & respects the bearish harmonic we would expect a test to $1700 before it turns bullish again
link to previous analysis is below
Last time we looked @ Gold long term analysis the pair was trading @ 1698
We expect gold to reverse @ $1680 level & expect another $2000 attempt.
However a bearish harmonic is forming currently on the 1D chart, not yet confirmed
What to expect.
Bearish harmonic formation @ an area of support/resistance on the 1M chart
If Gold closes the month of May above $1850
We would expect it to test $1875 followed by a retracement to $1850 before continuing
its bullish trend to $1900
But if it fails & respects the bearish harmonic we would expect a test to $1700 before it turns bullish again
link to previous analysis is below
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