Gold continued with its bearish moves as analyzed in the previous gold technical analysis before it hit the W L3 support. Now we can see a retracement on the 4h timeframe and if it rejects from the POC zone (trend line, W H3, 61.8, order block, EMA89) 1257-1261.00 it could make another bearish wave towards 1245.30. However, if the price manages to get above W H4 1266.54 – We could see a bullish move towards 1281.60. So for bears to dominate the price ideally should reject from the POC zone towards lower Camarilla support zones.

W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)

W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)

M H4 – Monthly Camarilla Pivot (Very Strong Monthly Resistance)

M L3 – Monthly Camarilla Pivot (Monthly Support)

M L4 – Monthly H4 Camarilla (Monthly Strong Daily Support)

POC – Point Of Confluence (The zone where we expect price to react aka entry zone).

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