A few hours ago, price came up to a very important resistance, which is highlighted on the previous gold chart posted.
We started to get multiple rejections from the 1919-20 area so I realised with confirmations, this was a very good selling opportunity.
After the multiple rejections I had seen enough to deduce that there was a very high probability that price...
Hi Traders, apologies for similar analysis to my last Gold post, but you cannot undo a posting of analysis you have posted, and I uploaded the wrong image on Gold sells. (Although the principal is the same, this is a little clearer). Here is my view on Gold sells. This should be temporary, before we see the bulls takeover. 1700 long is one of my targets for Gold :)
So I usually don’t trade Gold but my BIAS on this pair for the upcoming week is NEUTRAL.
My reasons behind this are
-We have just broke above and retested a key Daily Resistance at 1527.11.
-We could continue up for a break above our previous Weekly Support/Resistance at 1570.65 then searching for a retest and targets at 1613.
-We also could reject 1570.65...
I guess it depends on Iran...? Oil has shown there to not be much affect in regards to it's price, could Gold follow. I would like to see a pullback to at least the 1310 resistance zone and see a signal printed before running it down to 1300 area which I believe can be reached. Let's see what happens with the US & Iran........