Market Analysis-June 15
Gold launched from the demand zone of 1978.0 to create its last swing high at 2070.0. The retracement to the demand level turned out to be a change in market direction as the support level failed to hold.
Gold Key Levels
Support Zones: 1890.0, 1804.0, 1693.0
Resistance Zones: 1978.0, 2043.0, 2070.0
Gold Long-Term Trend: Bearish
The failure of the bullish order block of 1979.0 to hold resulted in the current bearish trend. The moment utilized to force through the demand zone deposited fair value gaps above the current range below 1978.0.
The steep bearish trendline has resisted the ascent of the Gold market.
The Parabolic SAR (Stop and Reverse) has formed points below the recent daily candles to show the current accumulation phase. An unmitigated bearish order block rests above the current range below 1978.0 Chances exist for the price to temporarily rally to mitigate the order block to resume the downtrend.
Gold Short-Term Trend: Bearish
A descending triangle has formed on the 4-hour chart. A bearish breakout is therefore anticipated to drive the price to 1890.0.
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