Gold: Break of Rising Structure, Again
The gold has consolidated for more than a week since it broke new high at the beginning of last week.
The price has made another attempt to break new high as it broke the top of the consolidation but came down quickly as it lost its buying strength at the previous high of 1555.
There's a repeating pattern which shown the price fell as much as 300 pips once it broke below the rising structure (break of a rising trendline/bottom of a rising channel etc).
Also, the gold price was already seen resisted at the to of a 3-month rising channel since it reached the highest price of 1555.
The recent fakeout is very likely to cause a big amount of buy orders to be trapped and that's an indication that the price may continue to fall further.
Traders may look to look for short-tern/intraday sell at the moment, stop loss set about 30-50 pips just above 1543 would be sufficient and targetting the demand zone around 1530.
The price has made another attempt to break new high as it broke the top of the consolidation but came down quickly as it lost its buying strength at the previous high of 1555.
There's a repeating pattern which shown the price fell as much as 300 pips once it broke below the rising structure (break of a rising trendline/bottom of a rising channel etc).
Also, the gold price was already seen resisted at the to of a 3-month rising channel since it reached the highest price of 1555.
The recent fakeout is very likely to cause a big amount of buy orders to be trapped and that's an indication that the price may continue to fall further.
Traders may look to look for short-tern/intraday sell at the moment, stop loss set about 30-50 pips just above 1543 would be sufficient and targetting the demand zone around 1530.
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