GOLD TRADE IDEA
STOP LOSS: 1780.00
Check related idea
As analysed on the previous Idea Gold is still however was expecting a further push down before price attempts to go back up.
1803.00 area was tested and quickly rejected.
As stated on the previous idea, we needed a candle body close below 1815 or a bounce off this zone . So far it looks like price has been rejected and is now likely to to test upper levels.
There is a bull flag forming on D1 Chart , a breakout of the bull flag to the upside will indicate price is likely to go up and test 1900 and above.
So far it looks like the low of the week is in on Monday and typically when the low is on Monday price tends not to revisit that level rest of the week.
On Wednesday we have President-Elect Joe Biden’s inauguration and ECB Press Conference on Thursday which can cause market volatility.