GOLD 06.06.2017
Our Expectations: Medium-term downward movement, lower tops. The price has reached a diagonal resistance and Fibo 61.6, which allows us to take a short position. Geopolitical tension is weakening and this will negatively affect the precious metal.
Alternative Scenario: If the price goes above the diagonal resistance and makes a higher top, the negative scenario will be spoiled and we will be able to look for long positions with SL around 1275.
Comments: Descending trend. Price action signal: Pin bar at levels of diagonal resistance and FiBo 61.8. Technical Indicator: DeM (14) - Turned to overbought area, a break below 0.7 will confirm the negative scenario.
SL: 1297.00
Trader Bozhidar Arabadzhiev
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