- Gold has rallied recently however looking at the bigger picture the commodity is making consistent lower highs and lower lows.
- It is also approaching a well respected trend line, with 3 prior rejections confluent with the 61.8 fib level.
- It is also below is 200 day moving average.
- A longer term short will be confirmed on the break of the CTL, constructed by the higher lows.
- Gold is also correlated to AUDUSD which looks to continue its journey lower.
- Price is currently just below the cloud, and may fake out to the upside before being pushed back down my sellers.
- It is also approaching a well respected trend line, with 3 prior rejections confluent with the 61.8 fib level.
- It is also below is 200 day moving average.
- A longer term short will be confirmed on the break of the CTL, constructed by the higher lows.
- Gold is also correlated to AUDUSD which looks to continue its journey lower.
- Price is currently just below the cloud, and may fake out to the upside before being pushed back down my sellers.
