On the hourly chart the gold spot market, 5 consecutive candles closed below the lower Bollinger Bands with custom settings. In addition, it formed a local low at the level of 1333.66. Its successful break could be an opportunity to buy PUT options.
A potential target for the declines may be on the 100% extension of downward movement which occurred from the peak at level of 1343.52, and thus in the area of 1323.80. Setup will be negated only in case of closure hourly candle above the lower Bollinger Band.
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