TradingView
0
All posts from TradingView
TradingView in TradingView,

GOLD - READY TO BREAK DOWN?

GOLD - READY TO BREAK DOWN?

Gold COMEX:GC1!

Price action at 1308 (strong supply area) and then swift reaction to Jan. NFP brought me to the idea, that 1308 maybe was excellent shorts reload opportunity and start of the w3 of W5. Downtrend is INTACT, now back BELOW yearly pivot, emas are falling and in standard downtrend constellation, fast CCI is about to break corrective pattern down, like at the end of 2012, all that are signs of weakness. So, let`s see what happens at 1180 level and at support trendline formed from w1 - break of them could bring acceleration of downtrend, targets are yearly s2, ew targets at 916 or 733 (start of W1 considered in Feb 12)