Slight pullback on Gold expected, followed by further meltdown
After successfully managing to achieve 30+ Profits throughout last week, with selling every high strategy, I expect slight pullback on XAUUSD Price in range of 1895-1912, due to the DX inability to breach the 103.500 psychological resistance on h4 chart and expectations of slight pullback on Dollar throughout the week, as the Fridays Jackson Hole Symposium should push Dollar upwards and provide further meltdown on Golds Price.
As the second part of the month began, all the fundamental events that could possibly push the Golds price higher were already seen, and by pushing the Golds price I mean breaching the descending channel formed form 31st July, I see no way for Gold to gain bullish momentum and manage to breach the descending channel upwards.
During the August, all fundamental events (mainly thinking about NFP that skyrocketed Gold and CPI) managed to keep the Golds price way up.
Hence, there is strong possibility that Gold will manage to recover abit, reaching all the way to 1895, 1905 or 1912 resistance zone, after which there is a strong possibility for Gold to reach the 1882 support, same as the Price Action did on late April 2022.
I will monitor the market as I expect no big moves by the mid of the week and will engage set of selling orders with 1895, 1905 or 1912 as my entry, pursuing the 1882 support.
As the second part of the month began, all the fundamental events that could possibly push the Golds price higher were already seen, and by pushing the Golds price I mean breaching the descending channel formed form 31st July, I see no way for Gold to gain bullish momentum and manage to breach the descending channel upwards.
During the August, all fundamental events (mainly thinking about NFP that skyrocketed Gold and CPI) managed to keep the Golds price way up.
Hence, there is strong possibility that Gold will manage to recover abit, reaching all the way to 1895, 1905 or 1912 resistance zone, after which there is a strong possibility for Gold to reach the 1882 support, same as the Price Action did on late April 2022.
I will monitor the market as I expect no big moves by the mid of the week and will engage set of selling orders with 1895, 1905 or 1912 as my entry, pursuing the 1882 support.
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