Gold Short Term Outlook.

Daily followed by hourly charts of the precious metal to see when the current correction in the short term that we have just entered is likely to signal and end.Focus here is short term, examining the price action behaviour since March low. I have marked the current as well as prior bearish pivot point reversals on the daily chart as can be seen. Current bearish pivot point reversal was confirmed at the last bar overnight.Up trendline drawn since March low is now also violated. Precious metal therefore is expected to correct turning the short term bias to the downside. 5-10 trading days is the prediction period of the correction.Support levels as marked incase of a re-test of those levels.

Daily and Hourly charts of the precious metal is courtesy of

On the hourly chart I have marked the minor distribution pattern and the newly established down trendline. If and when the trendline is violated that would signal a halt to the current correction. Bar of interest is also shown where buying has been present. Therefore we may see a quick upside reversal during the course of the next week or two.

 Gold hourly chart below.

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