Weekly Gold Analysis

I have highlighted previous area where the swing low occurred (1200-1232). 1200 might seems to be a good psychological barrier/support where price can swing backup. This analysis is on a weekly timeframe. Its good to go into daily timeframe to watch for any form of bullish price movement to make an entry. We will revisit this for long entry if such price action occurs. Avoid buying into bearish price action for now. Patience is key!

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Comment:

We have a bullish candle on Friday. Weekly candle seems like a pin bar at crucial swing level (look at the "possible rebound area"). Unless you're going for short term movement, I feel that is still early to say that Gold is going to rebound.

I will patiently wait for next week movement. However this weekly pin bar is good enough reason to closely monitor gold in coming days.

Cheers and happy weekend!