Gold broke down from its multi-month descending triangle.
The sell off did not stop at $1,262 but reached the pattern target at $1,240. This brings the "new bull market into serious trouble"...
In the bullish scenario gold is just witnessing a healthy pullback and will hold above $1,220 - $1,240. It needs to move back above $1,300 and especially $1,325 in a convincing fashion to keep the bullish scenario alive.
At $1,248 the lower weekly Bollinger Band is offering a good support. A bounce in the next 1-2 weeks from $1,237 / $1,250 towards $1,295 / $1,300 has the highest probability.
The sell off did not stop at $1,262 but reached the pattern target at $1,240. This brings the "new bull market into serious trouble"...
In the bullish scenario gold is just witnessing a healthy pullback and will hold above $1,220 - $1,240. It needs to move back above $1,300 and especially $1,325 in a convincing fashion to keep the bullish scenario alive.
At $1,248 the lower weekly Bollinger Band is offering a good support. A bounce in the next 1-2 weeks from $1,237 / $1,250 towards $1,295 / $1,300 has the highest probability.
