Gold’s Safe Haven Diminishes – Bearish Gartley in Action!

Gold remains under pressure as the risk appetite diminished after getting a boost from an agreement between the United States and Canada...


Gold remains under pressure as the risk appetite diminished after getting a boost from an agreement between the United States and Canada to salvage a North American free trade deal. Which is why the demand for haven assets seem to drop.

As a result, gold is trading under pressure. Recalling our previous update, Gold Takes A Bullish Turn – Bullish Butterfly In Play, gold traded in line with the forecast and remained bullish.

For the moment, we have a new Gartley pattern which is bearish in nature. As you can see on the hourly chart, gold is heading towards $1,195 to complete C to D wave. Technically, this level should work as a major resistance now.

So my plan is to wait for a bullish breakout to target $1,200. Else, gold is likely to stay bearish until $1,188. Good luck and stay tuned!

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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