Gold still bearish outlook? but...
Hi guys.
In my previous analysis i mentioned the 1934's level beeing the level to go Long longterm. After a double bottom confirmation gold almost gave a strong bullish move of 350pips. In my opinion gold future outlook is still bearish. Currently hovering around 1971(Wich is resistance level) But we need to look for short position at a better untested area wich is 1976's. My prediction is gold will climb towards 1976's zone to take orders and fall from here with targets as 1964, 1953 and 1930's
But... if gold manage to break 1976 zone with confirmation. we need to start looking for longs. With targets as 1992, 2009....
Resistance: 1992, 2009, 2022
Support:1964, 1953, 1947, 1932
In my previous analysis i mentioned the 1934's level beeing the level to go Long longterm. After a double bottom confirmation gold almost gave a strong bullish move of 350pips. In my opinion gold future outlook is still bearish. Currently hovering around 1971(Wich is resistance level) But we need to look for short position at a better untested area wich is 1976's. My prediction is gold will climb towards 1976's zone to take orders and fall from here with targets as 1964, 1953 and 1930's
But... if gold manage to break 1976 zone with confirmation. we need to start looking for longs. With targets as 1992, 2009....
Resistance: 1992, 2009, 2022
Support:1964, 1953, 1947, 1932
