After a long decline is it time for a pullback??
After a very long decline in price, were and when will there be a proper pullback?
In previous post i marked the support area off 1957-1960 for a posible pullback at this level. Gold reacted sharp to this level and managed to reject around 80pips. Eventually sellers will take there profit out the market right? So in my opinion this is at price levels were lots off support will be(bigger time frame support levels). Buyers will set there pending orders en sellers will close in profits.
So trading with the trend is your friend right. Initialy i tried selling the highs but gold did not even manage to pullback... SO reversals or bigger pullback can be traded but always with caution!! Lower Lotsizes and multiple confirmations are needed.
I think gold will pullback higher to 1870-1885 or as high as 1900 levels and fall from again.
COngrats to those who used my analysis for proper entree's
In previous post i marked the support area off 1957-1960 for a posible pullback at this level. Gold reacted sharp to this level and managed to reject around 80pips. Eventually sellers will take there profit out the market right? So in my opinion this is at price levels were lots off support will be(bigger time frame support levels). Buyers will set there pending orders en sellers will close in profits.
So trading with the trend is your friend right. Initialy i tried selling the highs but gold did not even manage to pullback... SO reversals or bigger pullback can be traded but always with caution!! Lower Lotsizes and multiple confirmations are needed.
I think gold will pullback higher to 1870-1885 or as high as 1900 levels and fall from again.
COngrats to those who used my analysis for proper entree's
Comment:
Correction on my first message 1957-1960 should be 1857-1860.
Comment:
Gold is flying guys. Exactly as i anticipated. Congrats to you all
Currently sitting at a supply area. But iam more interested in posible shorting gold around 1885-1888 zone. Lets folow the market closely