Gold: ⬇️ Sell
- Gold reversed from key resistance level 4370.00
- Likely to fall to support level 4000.00
Gold falling strongly after the price made 3rd failed attempt to break above the key resistance level 4370.00 standing well above the upper daily Bollinger Band.
The downward reversal from the resistance level 4370.00 will form the daily Japanese candlesticks reversal pattern Bearish Engulfing – strong sell signal for Gold.
Given the abnormally long period of overbought daily Stochastic, Gold can be expected to fall to the next round support level 4000.00.
