Gold- Why do I think 1850 will be broken?
Yesterday I wrote a commentary in which I said that, in my opinion, 1900 will be reached by the end of the year and some of you have asked me why I think 1850 will be broken, some even drew my attention to this resistance/sell zone. I've seen it, and that's exactly the problem I have with selling at this level, EVERYONE HAS SEEN IT, and that's my main concern!!!
So I will consider 3 scenarios for next week:
1. Gold consolidates in the range between 1830 and 1845 then breaks up and continues towards 1870-1880 zone
2. Gold corrects to the short-term support zone around 1817-1820 and then continues its upward trajectory.
3. Gold has a new attempt to break under 1800 and then reverse up (this is less probable in my view)
Obviously, there is also the scenario in which gold continues its bear medium-term trend and makes a new low below 1765, but for this exists SL.
So I will consider 3 scenarios for next week:
1. Gold consolidates in the range between 1830 and 1845 then breaks up and continues towards 1870-1880 zone
2. Gold corrects to the short-term support zone around 1817-1820 and then continues its upward trajectory.
3. Gold has a new attempt to break under 1800 and then reverse up (this is less probable in my view)
Obviously, there is also the scenario in which gold continues its bear medium-term trend and makes a new low below 1765, but for this exists SL.
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