GOLD – Targeting 1700?
– Gold has approached the upper Weekly Bollinger Band and hit resistance around 1800
– Stochastics generated a sell signal with a Shooting Star Reversal candle last week, followed by a bearish week
– Potential double top formed on daily – close below 1760 confirms
– Bearish Engulfing candle formed on Friday warning of near-term weakness
1760: Near-term support, close beneath here confirms reversal pattern
1700: Confluence of support around 1700 level (prior S/R level, 2x fib retrace levels)
1640: Pivot level (previous breakout and support level)