Gold: ⬇️ Sell
– Gold formed daily Evening Star
– Likely to fall to support level 4600.00
Gold today fell down sharply after the price failed to close above the major resistance level 5500.00, as can be seen from the daily Gold chart below.
The downward reversal from the resistance level 5500.00 formed the daily Japanese candlesticks reversal pattern long-legged Doji – which is now the middle candle of the daily Evening Star.
Given the overbought Stochastic and RSI, Gold can be expected to fall to the next support level 4600.00 (former top if wave 1 from the start of January).