Short

Lingrid | GOLD weekly MARKET PREVIEW

Updated

Gold fell significantly during the trading week, breaking through the previous week's low. We've had four bearish weeks now. Additionally, gold broke and fixed below the previous month's low. I think gold will continue going down for a test of the support level at 1870, which is the demand zone. Therefore, I believe a pullback is going to be an opportunity to short the market. The first area of support is going to be 1870, and the next one is around at 1850 level. Keep in mind that DXY has reached resistance, and it may pullback from it, which will result in a pullback in the gold market.

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Note

The market is updating its swing lows. It formed a double bottom or equal lows at support on the 1H timeframe. The market has broken through the support key level at 1900, and it will be strong resistance if the price rolls back. The price has bearish momentum, and on the higher timeframe asl well. I expect a move down from the resistance at 1900 if the price makes fakeout. My target is demand zone on weekly which is support at 1880.

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