Where will Gold Go?
Observe the area of previous resistance (and now support) of 1444-1462 . If we break below this , the next zone Gold could trade at the previous zone (1365-1440).
Michigan consumer Sentiment is to be released very shortly. If we have a positive reading, the price of Gold will be expected to fall as USD strengthens. If we have a negative reading, the price of Gold will climb as USD weakens.
Overall, look for price action to get into the sell position, be careful on jumping the gun too early. Set take profit near the bottom of the previous zone and the stop loss right above the low of the current zone.
Michigan consumer Sentiment is to be released very shortly. If we have a positive reading, the price of Gold will be expected to fall as USD strengthens. If we have a negative reading, the price of Gold will climb as USD weakens.
Overall, look for price action to get into the sell position, be careful on jumping the gun too early. Set take profit near the bottom of the previous zone and the stop loss right above the low of the current zone.
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