We view that the Prosepct for Gold is strong bull but correction is a must for a greater rally ahead.
1.) Bearish correction view is due to the Head and shoulder formation.
2.) Demand level confluence with the 61.8% of the Fibonacci level.
3.) Bullish flag is ongoing.
1.) Bearish correction view is due to the Head and shoulder formation.
2.) Demand level confluence with the 61.8% of the Fibonacci level.
3.) Bullish flag is ongoing.
Trade closed manually
The bullish action is not stong after rejecting the demand zone. Furthermore, Gold is not forming an ascending corrective channel now.
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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.