GOLD – this is the third time this month that the quotations of this precious metal attracted my attention.

GOLD Weekly

In Monday’s analysis I focused on the  (red rectangle) which formed on the weekly chart, suggesting the continuation of falls.

Yesterday’s daily candle (the chart below) formed another bearish formation (blue rectangle).

GOLD Daily – bearish engulfing – blue rectangle

If the bottom of the formation is broken, we can expect quite dynamic falls to the nearest support level around 1453$/oz. The factor supporting the bearish scenario is the decreasing MACD on both the weekly and daily charts and the effective breaking of the upward trend line (on the weekly chart – red line).


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