Gold today

[pon]

yellow line below black is a SELL and the reverse is buy. All time frames show a sell. But the zigzag shows that the prices are near a low zigzag. It is better to enter a sell from a high zigzag.

Hence let us see if the prices reverse from 1625.75, which is the 161.8 level for yesterday's high and low in H1.

if it goes below 100 level, ie 1622.20, then the prices, would be doing a double mountain, taking the prices to a drastic fall. Should get a confirmation by today evening.

 

[pon]

Now that the prices have gone below 1622.20 and a double mountain is formed in H4. Expect the prices to continue at least till 1545.0 in this month.

If it goes below 1521, which is most likely, the prices should reach 1100 in this year!

 

[pon]

We have to SELL from a HIGH. So it would be worthwhile to wait for a high zigzag to form before entering a SELL. 1626.06 is a good resistance level to SELL.

 

[TheForexSignalsPro]

Is that ready to continue the falling movement?

Hi all

Gold could continue falling as it 5th wave

 

[kike]

The declines of the stock markets caused sharp declines among the metals including the gold that fell to the lowest level since mid 2011. It made the expected bullish correction after making the double-bottom pattern around $1530, but it looks like it is ready to make the bearish reversal under 1570 and slide back to the recent low.

 

[Weizfx]

The bearish reversal trade idea worked perfectly as the gold fell from 1570 to 1532. This was a good opportunity for taking profits, and now, as the stock markets are ready to make the short-squeeze, I believe we are going to see the gold around $1600 within few days.