Gold at support- But is too obvious... (update)
In my morning video analysis, I noted that after yesterday's strong bearish engulfing candle, the most likely scenario was a continuation of the down move, with the next support level identified around the 2660-2665 zone.
The price indeed reached this area, but I believe this support is too obvious and likely to break, instead of a meaningful reversal.
At this point, it is very risky to trade against the flow.
A more prudent approach would be to wait for rallies and consider selling at higher levels.
The price indeed reached this area, but I believe this support is too obvious and likely to break, instead of a meaningful reversal.
At this point, it is very risky to trade against the flow.
A more prudent approach would be to wait for rallies and consider selling at higher levels.
Trade active
As explained in the analysis, there is a high chance of a break under 2660 zone support.
Indeed, the market broke and closed the week at 2648, also leaving a Pin Bar on our weekly chart
Next week we need to focus on selling rallies and the focus is on 2610 support
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📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
Related publications
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.