Gold- Has it decided?
All month of December I called for a lower price of Gold and this didn't happen. Instead, in these low liquidity months, Gold has risen and even broken above 1810-1815 important zone resistance.
In yesterday's market comment I ve written that between 1810 and 1830 Gold is in no man's land and we need clarification.
Despite December's rise, it seems that my gut feeling is correct and Gold will drop.
Technically speaking, yesterday is marked by an extremely large bearish engulfing and, looking at the daily chart we can clearly see that the rise from 1750 to 1830 is corrective in nature, doesn't have impulse and is overlapping, and is calling for a steep drop.
That being said, I will look to sell rallies and a break above 1830 would negate my bearish scenario.
As for targets, depending on the type of trading and patience, 1770, 1750, 1720, and 1680 are supports and I think the latter will be reached in the medium term
In yesterday's market comment I ve written that between 1810 and 1830 Gold is in no man's land and we need clarification.
Despite December's rise, it seems that my gut feeling is correct and Gold will drop.
Technically speaking, yesterday is marked by an extremely large bearish engulfing and, looking at the daily chart we can clearly see that the rise from 1750 to 1830 is corrective in nature, doesn't have impulse and is overlapping, and is calling for a steep drop.
That being said, I will look to sell rallies and a break above 1830 would negate my bearish scenario.
As for targets, depending on the type of trading and patience, 1770, 1750, 1720, and 1680 are supports and I think the latter will be reached in the medium term
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