GOLD Prices continue inch lower as expected

Prices continue inch lower as expected following the formation of a bearish Dark Cloud Cover candlestick patter. Sellers have taken out support in the 1732.33-35.65 area, marked by a horizontal pivot level and the 23.6% Fibonacci retracement, to challenge the 38.2% level at 1693.06. A break below that targets the 50% Fib at 1661.32. Alternatively, a push back above 1735.65 targets 1781.07, the underside of a previously broken Rising Wedge pattern now recast as resistance.

GOLD (Spot) intraday: the downside prevails.

Pivot: 1714.00 Our Preference: SHORT positions below 1714 with 1698 & 1688 in sight. Alternative scenario: The upside penetration of 1714 will call for 1723 & 1730. Comment: as long as 1714 is resistance, look for choppy price action with a bearish bias.

Disclaimer The analysis we provide is based on the average estimate of price movements in one day. Does not guarantee what we deliver is actually a proper and correct. Everything that happens in the decisions you make on your trading transaction is to be Your responsibilities. Visit Us www.deryworldscorp.web.id