As gold made a LLLC (lower low, lower close)
we should expect a retracement occurring next week
however it is not certain as FOMC and major events are also aligned on next week and also on May.
So that's something you should be aware of in terms of the fundamentals.
However, on the technical side,
I'm suggesting that a retracement is occuring due to the rebounce of RSI from the oversold territory, and the fact that we did have a break and close below previous structure on the 4hr chart.
So in my opinion, we would see a bounceback, or at least a retest back towards the yellow zone, which is almost intact with the 38.2 fibonacci retracement tool.
Kanchelski
follow me for more updates on Forex and other commodities analysis
we should expect a retracement occurring next week
however it is not certain as FOMC and major events are also aligned on next week and also on May.
So that's something you should be aware of in terms of the fundamentals.
However, on the technical side,
I'm suggesting that a retracement is occuring due to the rebounce of RSI from the oversold territory, and the fact that we did have a break and close below previous structure on the 4hr chart.
So in my opinion, we would see a bounceback, or at least a retest back towards the yellow zone, which is almost intact with the 38.2 fibonacci retracement tool.
Kanchelski
follow me for more updates on Forex and other commodities analysis