Gold has touched daily demand and I am anticipating a bullish move back into previous structure which is also weekly resistance and a 38.2 retracement.
After exuberant buying on copper these last few weeks the bears have finally taken over which is visually shown on this strong shooting star formation. we could potentially see a bearish move back into weekly support.
An engulfing candle whilst oversold and above the 50 sma indicates price may make new lows. Forming on weekly resistance as well as a 61.8 retracement adds more confluence to this trade. I am targeting price to move back to Monthly support which is also a -38.2 retracement.
Take a sell position around 0.64280 (123.6) SL= 0.64554 (above X move)
TP1= 0.63621 (38.2) Once 38.level is hit move your stop loss to break even
TP2= 0.63343 (61.8)
