Gold: Market Review and How to Trade
The buyers couldn't develop the upward movement and the price moved back to 1900$ support zone. In spite of higher highs and higher lows, we have a situation when the market doesn't have the power to move upward. You can compare the previous upward movement when the price reached 2075$ and the current situation. We had the consolidation period above 1900$, a failed attempt to move downward. The price bounced from 1848$ and moved above 1900$. It looked like the market would continue the upward movement toward 2000$ and 2075$ resistance levels. But now, the market doesn't look so bullish and it can break the bullish structure at any time. For this, the price will have to move below the nearest swing low.
How to trade?
I would wait for strong bullish or bearish signals. The price is at 1900$ key level and it can move in any direction. We shouldn't predict further market movement. It is better to follow the market using solid signals supporting the exact direction.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
How to trade?
I would wait for strong bullish or bearish signals. The price is at 1900$ key level and it can move in any direction. We shouldn't predict further market movement. It is better to follow the market using solid signals supporting the exact direction.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
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.