Gold is going to a very significant zone in the following week. We can see there are horizontal support, upwards trendline support, 38.2% fib retracement (from low at 1200) and 50% fib retracement (from low at 1250) just below current price. It is highly likely that a price action signal may appear in next week to indicate trading directions.
In my personal opinion, from the side of moving average, it is more likely to complete a bullish candle around here, which supports long bias in the future. However, if a bearish candle could be completed below 1300, the price may keep dropping for a while.
In my personal opinion, from the side of moving average, it is more likely to complete a bullish candle around here, which supports long bias in the future. However, if a bearish candle could be completed below 1300, the price may keep dropping for a while.
Note
Finally we have a strong bullish candle coming. It's time for us trend traders to look for long entries.
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.
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.