Gold is due for bounce once FVG is filled above 1870
Updated
Weekly FVG at 1870-1885 is a key zone to consider and could be a potential demand area.
Gold has been trading on a clear downtrend after FED's hawkish stance in raising another 25 bps in interest rate from 5.25% to recent 5.50%. This decision put heavier weigh on this yellow metal.
Short term: Buy levels, 1870-1885, keep stops with 10$-15$ tolerance
Short term Buy Targets: Weekly FVG at the levels 1910-1925
Long term: Strong Sell at 1925
Long term Sell targets: 1833-1860
Gold has been trading on a clear downtrend after FED's hawkish stance in raising another 25 bps in interest rate from 5.25% to recent 5.50%. This decision put heavier weigh on this yellow metal.
Short term: Buy levels, 1870-1885, keep stops with 10$-15$ tolerance
Short term Buy Targets: Weekly FVG at the levels 1910-1925
Long term: Strong Sell at 1925
Long term Sell targets: 1833-1860
Trade closed manually
#Gold after rallying for 3rd day today, may officially have reached the Daily Order block bearish at 1912 zone.Suggest taking profits for long positions as this wave is considered as a corrective bounce to the upside.
Main trend remains bearish on a daily timeframe perspective.
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