As we expected our first target was done when gold reached 872$/Oz, after that it retraced to 952$/Oz the area which capped it 2 times before, and as we expected it wasn't able to break into that level, once it touched it, it reversed back down again targeting support level "905" which we referred to last time, and it touched 904.30, retraced to close at 917$, but now, what is coming??!
This chart tells us that, price was capped three times under 952 price area, which is now a very hard resistance for gold to break above, it went down and tipped 904.30 "905 support key", retraced a little to 917, looking at these inputs, aside with all fundamental inputs, daily chart gives us a strong signal that gold will continue its way down, we have 2 scenarios:
1- Breaking of 882 and closing under it will give us a confirmation for forming a head & shoulders which would be targetting 718$/Oz
2- Breaking 872 "last bottom" will confirm wave (C) begining which will target 842$ at least later 789$.
As i said in previous analysis, it's over for gold for now, rally ended.
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