9th February Gold Outlook: Sell the Rally $1893 to $1868
As Gold holds temporary gains above $1860 low base formed last week and continues to range within an ascending channel. Dollar weakness helps Gold retest resistance at $1886.
Such ascending formations are often seen to work as continuation patterns of prevailing trend which has turned bearish in short term.
Going further, there is a possibility of some more upmove towards $1889 and $1893 as upcoming Initial Jobless Claims are expected to come higher than previous weeks results.
We prefer to sell the rally towards resistance zone in anticipation of prices drifting lower again towards support areas of $1878 - $1868 and $1860
Note: This is our projection based on prevailing price action and does not claim to be a trading advice.
Such ascending formations are often seen to work as continuation patterns of prevailing trend which has turned bearish in short term.
Going further, there is a possibility of some more upmove towards $1889 and $1893 as upcoming Initial Jobless Claims are expected to come higher than previous weeks results.
We prefer to sell the rally towards resistance zone in anticipation of prices drifting lower again towards support areas of $1878 - $1868 and $1860
Note: This is our projection based on prevailing price action and does not claim to be a trading advice.