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Gold Descending ZigZag Marks the Downtrend

Nenad Kerkez
Updated

The Gold has formed a descending zigzag pattern suggesting further bearish move. The POC zone where the sellers might be appears to be between 1199.25-1205. Rejection from the zone targets 1181 and 1169.70. Only below W L3, the price should resume towards 1154.

1215 needs to hold if bears want to be in a full control.

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  • W L3 – Weekly Camarilla Pivot (Weekly Interim Support)

  • W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)

  • W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)

  • M H4 – Monthly Camarilla Pivot (Very Strong Monthly Resistance)

  • M L3 – Monthly Camarilla Pivot (Monthly Support)

  • M L4 – Monthly H4 Camarilla (Very Strong Monthly Support)

  • POC – Point Of Confluence (The zone where we expect price to react aka entry zone)

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Best wishes,

Nenad

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This article was originally posted on FX Empire

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