Scenario 1: We test and bounce off of the 1246.50 support zone and continue to rally up to 1264.00, closely followed by 1289.00
Scenario 2: 1246.50 support fails, we rally down to the trendline at 1237.5-1240.00 zone, successfully retest and bounce then continue with bullish momentum.
Scenario 3: Break of support at 1246.50 and break of trendline at 1237.5-1240.00 and continue with bearish power.
I am biased for long as there is much manipulation in the market thus bringing such low gold prices. As i wrote in a previous analysis, i am still expecting 1400 to be broken this year, this is prime price range for long setups. Monitor closely for some good profits.
Scenario 2: 1246.50 support fails, we rally down to the trendline at 1237.5-1240.00 zone, successfully retest and bounce then continue with bullish momentum.
Scenario 3: Break of support at 1246.50 and break of trendline at 1237.5-1240.00 and continue with bearish power.
I am biased for long as there is much manipulation in the market thus bringing such low gold prices. As i wrote in a previous analysis, i am still expecting 1400 to be broken this year, this is prime price range for long setups. Monitor closely for some good profits.
Comment:
Price came down to 1247.25 and bounced, possibility of one more downside thrust possible tomorrow.