GOLD -27/6/2023-
• Triple top formation putting pressure on the yellow metal prices
• Adding to the bearish picture is the break below the ascending trend line that has been in effect since November 2022
• Bears are in control and target the 1900 support level which if broken exposes the next major level of 1800
• This decline can also be interpreted as a correction of the latest 1800-2070 rally as we are still trading above the 61.8% level at 1900
• Adding to the bearish picture is the break below the ascending trend line that has been in effect since November 2022
• Bears are in control and target the 1900 support level which if broken exposes the next major level of 1800
• This decline can also be interpreted as a correction of the latest 1800-2070 rally as we are still trading above the 61.8% level at 1900
Ramzi Abou Abdallah, CFTe, CMT
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