Gold’s retreat from the high of $1356 on Friday despite strong US retail sales data marked a rejection at the rising trend line level.
The long upper shadow of Friday’s candle along with a bearish daily close suggests the metal could break below $1333.50 and open doors for a drop to $1310 (July 21 low).
On the higher side, only a day end close above $1358 (Friday’s high) would signal bearish invalidation and expose $1375-1380 levels.
The long upper shadow of Friday’s candle along with a bearish daily close suggests the metal could break below $1333.50 and open doors for a drop to $1310 (July 21 low).
On the higher side, only a day end close above $1358 (Friday’s high) would signal bearish invalidation and expose $1375-1380 levels.
