Let’s take a quick glance on some HTF chart of the Gold market. Looking at the weekly perspective we can observe a larger bracket and a possible swing failure. The previous week closed as an inside week – absorption above and below of this inside week probable. Let’s see where the market will close on Friday.
The daily perspective looked above the highs and closed as a swing failure; therefore we could conclude a bearish scenario. This is the Futures contract parspective. The cash equivalent looks quite differnet without taking out the high.