There is few possible scenarios for this week, but mainly CONSOLIDATION.
I expect from price to reach 1920-1925. In this area there is an Order block and this is the bottom of the previous consolidation, also weekly Pivot point.
Price chanced the angle of drop and now is forming some kind of wedge or channel. This is a bullish sign for gold, but this type of movement can last for a long time.
I expect from price to reach 1920 and bounce back to 1950. After that price will drop again at least to test 1920 again.
1. After that if the price bounce back to 1950 or more it means that the price made a spring and go up.
2. It could go 1900-1910 to clear the liquidity and go Up.
3. Price will finish the wedge at 1920, test the middle or the origin of the wedge and drop to 1850 to fill the gap.
I can not say the clear direction at this point. The mainly trend is UP but the price is in consolidation since 15.03. Daily candles are only red, but in consolidation it could reverse quickly. Right now I can not see signs for bullish moves.
I expect from price to reach 1920-1925. In this area there is an Order block and this is the bottom of the previous consolidation, also weekly Pivot point.
Price chanced the angle of drop and now is forming some kind of wedge or channel. This is a bullish sign for gold, but this type of movement can last for a long time.
I expect from price to reach 1920 and bounce back to 1950. After that price will drop again at least to test 1920 again.
1. After that if the price bounce back to 1950 or more it means that the price made a spring and go up.
2. It could go 1900-1910 to clear the liquidity and go Up.
3. Price will finish the wedge at 1920, test the middle or the origin of the wedge and drop to 1850 to fill the gap.
I can not say the clear direction at this point. The mainly trend is UP but the price is in consolidation since 15.03. Daily candles are only red, but in consolidation it could reverse quickly. Right now I can not see signs for bullish moves.
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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.