Currency analyst

Gold: bears will struggle to death

On the daily chart of gold, we can observe the consolidation within the range of $1305-1365 in the "Splash and shelf" pattern. As soon as the quotes surpass the upper and lower boundaries of the defined range, we will be able to determine the further direction of their movement. If  "bulls"  fail to hold their positions above $1334, it will warn us of their weakness.

On the hourly chart of gold, the target on the inverted "Crab" pattern has been reached. A break of resistance at $1348 (88.6% Fibonacci of the last downward wave) will increase the risks of restoring the long-term uptrend. And, on the contrary, a drop in prices below the $1324 support will contribute to the fall of quotations in the direction of the lower boundary of the consolidation within the range of $1305-1365.

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