Gold found strong acceptance above $1824 and breached $1842 Fibonacci Resistance to test $1850
Short term consolidation may witness minor correction towards support zone $1824
If selling extends below this level, expect drop to $1812 which is critical for continuation of bullish momentum as breaking below $1812 pushes Gold down to $1800 before any new attempt to rise.
On the bullish side, buyers are likely to resurface at the test of support zone and rally may resume for retest of $1850 and extend momentum to next resistance $1865-$1878
Finally a decisive Resistance cum Target rests at $1898 which may attract sellers in the wake of profit booking.
Summary: As Gold enters strong Bullish momentum, Buying dips to support zone looks a favored strategy with Targets $1850-$1865-$1878 and finally $1898
Caution: In the event of correction breaking below $1824 & $1812, Traders need to monitor price strength as prices need to reclaim $1842 &1850 in order to challenge next Resistance zone
Short term consolidation may witness minor correction towards support zone $1824
If selling extends below this level, expect drop to $1812 which is critical for continuation of bullish momentum as breaking below $1812 pushes Gold down to $1800 before any new attempt to rise.
On the bullish side, buyers are likely to resurface at the test of support zone and rally may resume for retest of $1850 and extend momentum to next resistance $1865-$1878
Finally a decisive Resistance cum Target rests at $1898 which may attract sellers in the wake of profit booking.
Summary: As Gold enters strong Bullish momentum, Buying dips to support zone looks a favored strategy with Targets $1850-$1865-$1878 and finally $1898
Caution: In the event of correction breaking below $1824 & $1812, Traders need to monitor price strength as prices need to reclaim $1842 &1850 in order to challenge next Resistance zone
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.