At the moment gold is looking to make a bullish retracement into the 1800s. The most important thing I am waiting for is price respecting 1789 as a support and bounce off the trend line with some kind of momentum. Another confluence for this bias is the break of the last lower high in the bearish flag which was at 1794.50. On the higher timeframes we are still in the bearish flag, but the downside has been rejected hard past week making 1775 the supply zone. The fibonacci levels tell us a retracement to the 0.382 level (1803) is expected. 1797 was the highest price we touched in this range, so breaking that price will create huge upside potential to even see prices as high as 1820.
For now we are going to wait and see if price respects 1789 to make a entry to go long, if not we will have to wait what price wants to do. It is a dodgy market at the moment.
For now we are going to wait and see if price respects 1789 to make a entry to go long, if not we will have to wait what price wants to do. It is a dodgy market at the moment.