Looking at the 4h drop in Heikin Ashi chart, it seems like the gold will bounce from this position till CPI and then will go up to about 1970s region. Here's to hoping that everything goes well.
As per my analysis, the news has pushed the gold down to a lower value. Now, we should be able to see Good longs from here to bounce as high as to 1952/1960 and then a low can be expected. The longs can be entered now or during Asian Session.
Gold after climbing to its high of 1987, its now coming back for a retrace down to 1950s level. Keep a sell from your highest, should be around 1970s and you're solid.
On a side note, I have a gut feeling it might go down to 1940s
Before the market closed, Gold has been trying to go in a bullish form. And has been trying that since a while for now.
But given the news outlines that may come in this week, this should drop down to a good level for buyers to accumulate and then shoot up good. Making us go initially down in the first 2 sessions and then having it a upward moment.
Gold is gaining traction, with all the fundamentals making it stronger every day. We should be able to see a retrace towards 1970xx and then go back to up our rally crossing 1980s and heading towards the next stop in 1990s. Be careful with your lots.
