Week of Gold- Potential price discovery or temporary drop
Looking at Gold for the last few months we see it has been in a upward market structure, not just that, but breaking above 2000 FIRST TIME EVER. We see it could continue its upward momentum just off it making a new ATH to get the last set of people in and out of trading by stop hunting or continuation.
The other scenario we can see is, recent price action has been showing a shift in market structure that shift can indicate a potential reversal of market structure that can have Gold coming down to meet the overall decades long trend line or to the nearest support if falls through this level, but fundamentals can point a different direction if the dollar does fall from here giving the first bias a critical leap forward as the weeks winner.
The other scenario we can see is, recent price action has been showing a shift in market structure that shift can indicate a potential reversal of market structure that can have Gold coming down to meet the overall decades long trend line or to the nearest support if falls through this level, but fundamentals can point a different direction if the dollar does fall from here giving the first bias a critical leap forward as the weeks winner.
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