Gold likely to test support near 2000.00 or head towards 2250.00
Gold (
GOLD
) has recently created new high near 2075.00. As it rallied a lot higher continuously from the past couple of weeks and also being in overbought condition (Daily Timeframe RSI near 88), it needs to take some correction.
In a view of optimistic in Gold(
GOLD
) it could even target near 2250.00 prices, despite the fact that in the main scenario it needs to take some correction at least to 2000.00 in the near term.
If GOLD (
GOLD
) tested 2000.00, it could be the opportunity to take long but with tight risk management as it could be risky and might take weeks to get back above it, if dropped below.
Have nice trading and Goodluck.
This is not financial advice.
We will not be liable if any losses occur.
Trading in the financial market carries risks.
Make sure to maintain proper money management to maintain the risk.
GOLD
) has recently created new high near 2075.00. As it rallied a lot higher continuously from the past couple of weeks and also being in overbought condition (Daily Timeframe RSI near 88), it needs to take some correction. In a view of optimistic in Gold(
GOLD
) it could even target near 2250.00 prices, despite the fact that in the main scenario it needs to take some correction at least to 2000.00 in the near term. If GOLD (
GOLD
) tested 2000.00, it could be the opportunity to take long but with tight risk management as it could be risky and might take weeks to get back above it, if dropped below. Have nice trading and Goodluck.
This is not financial advice.
We will not be liable if any losses occur.
Trading in the financial market carries risks.
Make sure to maintain proper money management to maintain the risk.
Comment:
We went close to our expected correction.