Gold: Short-Term Trend turned Bearish as Bulls Ran Dry
The gold has completed the second wave of a bullish run and plunged when it reached a 2-month falling trendline.
The full-bodied bearish candle decisively broke below a rising trendline and no significant rebound is seen afterwards.
The price has consolidated for the 2nd day but only recovers less than half of what's loss from the plunge.
Therefore, the gold is definitely feeling more bearish and another wave of bearish trend should appear soon enough.
Wait for the price to consolidate further into the US session and look for selling opportunity around 1287. Stop loss should be safe enough above the previous high at 1292.
The full-bodied bearish candle decisively broke below a rising trendline and no significant rebound is seen afterwards.
The price has consolidated for the 2nd day but only recovers less than half of what's loss from the plunge.
Therefore, the gold is definitely feeling more bearish and another wave of bearish trend should appear soon enough.
Wait for the price to consolidate further into the US session and look for selling opportunity around 1287. Stop loss should be safe enough above the previous high at 1292.
