Hi Guys,
Yesterday Gold bounce hard due to slower economic data from USD which might hint another interest rate cut. Thus, gold rise to touch 1487.06 before reversing downward. As of today, it's possible (H1 looking like a bull flag forming) that gold might try to break the resistance at 1487.06. However, the more likely scenario is that gold to continue falling down to test last support at 1459.05 (strong support).
Looking at the candles in H1, there are few reversal candle showing up, which might give cue for downward more. Need to monitor H4 and D1 candle for further support for short.
Trade with care.
Yesterday Gold bounce hard due to slower economic data from USD which might hint another interest rate cut. Thus, gold rise to touch 1487.06 before reversing downward. As of today, it's possible (H1 looking like a bull flag forming) that gold might try to break the resistance at 1487.06. However, the more likely scenario is that gold to continue falling down to test last support at 1459.05 (strong support).
Looking at the candles in H1, there are few reversal candle showing up, which might give cue for downward more. Need to monitor H4 and D1 candle for further support for short.
Trade with care.