The main trend is down. After a weak closing on Thursday, expecting further pull back on Friday. If prices bounce off of $1682 level, then the market may trade within a range from $1682 bottom to $1737 top. If $1682 is broken, the next downside targets are Fib levels at $1660 (0.618) and $1620 (0.5). RSI indicator is pointing toward lower prices.
3 consecutive negative sessions have been posted.
The medium term bias remains bullish.
Current prices have reacted from a high of 1555, however, we expect further gains to follow.
Sentiment remains positive despite the pull-back lower in prices.
Preferred trade is to buy on dips.
We look to Buy at 1510
Target 1: 1540
Target 2: 1555
After reviewing the chart for GC Futures, I believe there is prospect to the long-side. Based on the way I frame the markets, I would need to see a break (failure) of the opposing 61.8% level at around 1600 and then see a measured move long at a 50% level. Obviously smaller time-frames would need to confirm this at the time to be able to enter into any trade....
Gold came to see the shape of downtrend.
Gold has not reached YPP (P) 1269.009 and is trying to fall again.
Please look at the weekly,You can also see the red trend line being conscious.
But I decided not to use this line because of my discipline.
So I will not do anything now.
There is no reliable horizontal...