Failed bearish Shark Pattern, Gold poised to rise further?
Gold completed a bearish shark pattern in mid May 2016.
Price reacted to that level.
1 month later, this level is retested and broken above.
Price action in the next few weeks is very important.
Any further strength, we could see Gold back at 1350 or higher.
Any steep drop back below 1280 could prove the validity of this pattern and we could see Gold trading below 1280 again.
Multi market analysis tells me that that Gold should go higher.
Price reacted to that level.
1 month later, this level is retested and broken above.
Price action in the next few weeks is very important.
Any further strength, we could see Gold back at 1350 or higher.
Any steep drop back below 1280 could prove the validity of this pattern and we could see Gold trading below 1280 again.
Multi market analysis tells me that that Gold should go higher.