Gold closed bearish last week and was below the weekly pivot area for this week. It is possible that it has completed the ABCDE triangle pattern by breaking down support, if the ABCDE pattern is finished with point E at the high price on Friday ($ 1211.05 / oz) then the big chance is bearish and continues the downtrend with confirmation of a break down of $ 1192 / oz or the first weekly support area. But if there is a labeling error in the ABCDE pattern where if point E should be at Friday's Low point at ($ 1191.50 / oz) then the chances for the price to move Bullish with confirmation of a break above $ 1212 / oz or the first resistance area this week
Weekly Pivot:
R4 1258.91
R3 1239.46
R2 1220.01
R1 1209.53
Pivot 1200.56
S1 1190.08
S2 1181.11
S3 1161.66
S4 1142.21
Option:
-The price movement in a week can be used as a reference to take positions in daily opportunities
