Currency analyst

Gold: bears are strengthening their positions

On the daily chart of gold, quotes for the third time in this month returned to the lower boundary of the consolidation (to the range of $1315-1365). This time, it coincides with the lower boundary of the rising trade channel. This increases the risks of the collapse in prices, if bears' attack is successful. 

On the hourly chart of gold, there is an expanding wedge pattern. Rise of quotes to 23.8% (1329), 38.2% (1331.6), 50% (1,333.6) and 61.8% (1,335.7) levels from the 4-5 wave is usually used for opening short positions. 


SELL 1331 SL 1336.5 TP1 1316 TP2 1300

SELL 1334 SL 1339.5 TP1 1316 TP2 1300

SELL 1335 SL 1340.5 TP1 1316 TP2 1300

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