Overview of Gold – Bearish Sentiment May Seen

GOLD

The XAU traded lower against the USD and closed at 1280.34.

What do we have in the shiny material?

1) Bearish ABCD Pattern.

2) “C” @ 50% Retracement.

3) “C” @ Monthly Pivot.

4) “C” @ the Value Area Low of – 2 Week.

5) “C” forms a Double Top in it – self, followed by 61.8% retracement.

6) Forms a support trendline from D1 Pivot Candles.

Scenarios:

Bulls need to break above Month Pivot.

Bears need to break below the D1 support trend line.

According to the Analysis, The XAU/USD pair is expected to find support at 1277.77, and a fall through could take it to the next support level of 1275.20. The pair is expected to find its first resistance at 1284.25, and a rise through could take it to the next resistance level of 1288.16.

XAU USD Previous Day range was 6.48 and Current Day Range is 31100.

Author: Mark Burg