Hello traders,
GOLD made a big move in the last 2 weeks.
This is not good for weekly trend.
Why?
Let's check it on the right weekly chart first.
In the new downtrend channel, price could pull back to retest the upper channel before new long leg down. Down to support 3, gold could make another $160 from 1880 to1620.
Take a look at the 4H chart on the left. This timeframe showing a support signal for gold to make a correction.
And if this correction back to upper line of the downtrend channel on weekly chart, it could start drop again from there.
Will make more details on 4H chart next week with US Datas.
Good luck next week with US CPI AND PPI.
LESS IS MORE!
GOLD made a big move in the last 2 weeks.
This is not good for weekly trend.
Why?
Let's check it on the right weekly chart first.
In the new downtrend channel, price could pull back to retest the upper channel before new long leg down. Down to support 3, gold could make another $160 from 1880 to1620.
Take a look at the 4H chart on the left. This timeframe showing a support signal for gold to make a correction.
And if this correction back to upper line of the downtrend channel on weekly chart, it could start drop again from there.
Will make more details on 4H chart next week with US Datas.
Good luck next week with US CPI AND PPI.
LESS IS MORE!
