Gold bearish view

The DSI sentiment for Gold is in single digits and has been falling, like the price, since the US election. It is undeperforming silver and all other metals.  Although the risk of a snapback rally is high and some volatility around the Fed decision likely, chart patterns still suggest lower to 1084 area before we see $100 bounce back to retest broken support at 1182.

gold-daily

Bigger Picture; the monthly chart shows gold in a declining wedge. It is stair-climbing down the monthly Fibonacci retrace levels. Losing 1085 again sends us to 889 next where we should see a significant support for a rally, potentially back to 1182 or 1283.

gold-monthly

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