Can you tell that Gold is in a downtrend?
Gold is definitely facing stiff resistance at $1685 and has been capped by this significant resistance zone $1685-$1700.The chart below clearly illustrates the fact that the yellow metal is in an obvious downtrend and I can only see it intensifying over the coming weeks. Price action early this week is in the consolidation mode and thus we are able to spot an inside bar fake-out from a significant level. Notice the high of the fake-out bar has been rejected from the downtrend line. That's simply a clear indication of yet another profitable bearish impulsive wave. Traders can enter at the current levels and look to protect their profits upon reaching the next support 1652.19.
Gold is definitely facing stiff resistance at $1685 and has been capped by this significant resistance zone $1685-$1700.The chart below clearly illustrates the fact that the yellow metal is in an obvious downtrend and I can only see it intensifying over the coming weeks. Price action early this week is in the consolidation mode and thus we are able to spot an inside bar fake-out from a significant level. Notice the high of the fake-out bar has been rejected from the downtrend line. That's simply a clear indication of yet another profitable bearish impulsive wave. Traders can enter at the current levels and look to protect their profits upon reaching the next support 1652.19.
PRICE ACTION is the only real time indicator.