GOLD: PERHAPS WE ARE AT THE END OF THE CORRECTION
Updated
Over the past week, the Gold market has undergone a bullish rally, as evidenced by its rise from 1806.85 to 1857.49. However, a notable correction occurred in the last two days, resulting in a decline of over 250 pips. At present, indications suggest that this correction has likely reached its terminus, with a potentially favorable zone emerging for buyers to accumulate additional contracts.
Specifically, the zone encompassing 1831.44 to 1825.20 presents an opportune moment for buyers to enter the market. Traders may watch this zone closely in the coming days.
Conversely, a contrary stance (sell position) might be considered if this zone is broken to the downside with momentum.
Specifically, the zone encompassing 1831.44 to 1825.20 presents an opportune moment for buyers to enter the market. Traders may watch this zone closely in the coming days.
Conversely, a contrary stance (sell position) might be considered if this zone is broken to the downside with momentum.
Comment
The zone has been broken to the downside with strong momentum.
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