The result of our previous LONG position, which I extended to the Top of the DOUBLE BOTTOM pattern I indicated with Blue path line has been completed and with phenomenal results and profit.
Now GOLD price action after the news on Friday has been strongly bearish and just before the close of market on Friday night GOLD formed a rising wedge pattern. And from the previous structure its a bearish flow. I would be expecting price to test the my Golden zone & Global Strong Support Zone around the $2,475 zone before either a reversal to the upside or further continuation down.
But for now my trendline is still valid until a proper break. Although I'm aware the Bulls might try to break it and create a FAKEOUT with the resistance just above its close.
So ill advice we wait for a Market to open and see further price moves before getting into the Short.
Now GOLD price action after the news on Friday has been strongly bearish and just before the close of market on Friday night GOLD formed a rising wedge pattern. And from the previous structure its a bearish flow. I would be expecting price to test the my Golden zone & Global Strong Support Zone around the $2,475 zone before either a reversal to the upside or further continuation down.
But for now my trendline is still valid until a proper break. Although I'm aware the Bulls might try to break it and create a FAKEOUT with the resistance just above its close.
So ill advice we wait for a Market to open and see further price moves before getting into the Short.
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