GOLD increased in the short term, approaching an important level
From a recent price action standpoint, the move on Gold may have offered cues of encountering weakness, and could serve as a key trigger for bearish traders. This is why I’m anticipating further short-side follow-through. The negative outlook is not confirmed yet, however a bounce off the trendline could once again attract sellers, for a decent move to 3,240 support zone. This latter zone, could be a key turning point that if broken, would lead to a good opportunities for buyers looking to get involved on the dips, anticipating a potential shift in momentum.
But a strong move up and break of trendline at around 3335-3340, would allow Gold to reclaim the 3400 mark and climb even further.
On Monday in my last analysis I predicted that the price gold would fall as low as 3290, after which the price has rebounded short term. All this being said, I am closely watching how price will react when it encounters the trendline as shown and I will wait for any confirmation clues.
Please note that I will not get involved without proper confirmation
But a strong move up and break of trendline at around 3335-3340, would allow Gold to reclaim the 3400 mark and climb even further.
On Monday in my last analysis I predicted that the price gold would fall as low as 3290, after which the price has rebounded short term. All this being said, I am closely watching how price will react when it encounters the trendline as shown and I will wait for any confirmation clues.
Please note that I will not get involved without proper confirmation
Trade active
This time I have missed the move.
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🔥 Best BROKER - Get 20% Deposit BONUS - bit.ly/trenddiva
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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.