Trade Alert
So Gold has rebounded recently and now we are waiting for the next big move, which could tell us what to potentially expect from the precious metal.
If Gold decides to move lower again and closes below the 1183 zone, this could be seen as a sign of weakness that could open the way to test the 1160 level, marked by the low of the 16th of August. If hat level does not hold, we could expect further declines.
But for us to get comfortable with the upside, we would need to see a good move and a close above the short-term downside resistance line, taken from the 11th of April. This move could open the path towards the 1235 area, a break of which could set the stage for a possible move to the 1266 hurdle, marked by the peak of the 9th of July.
Always have your SL in place.
So Gold has rebounded recently and now we are waiting for the next big move, which could tell us what to potentially expect from the precious metal.
If Gold decides to move lower again and closes below the 1183 zone, this could be seen as a sign of weakness that could open the way to test the 1160 level, marked by the low of the 16th of August. If hat level does not hold, we could expect further declines.
But for us to get comfortable with the upside, we would need to see a good move and a close above the short-term downside resistance line, taken from the 11th of April. This move could open the path towards the 1235 area, a break of which could set the stage for a possible move to the 1266 hurdle, marked by the peak of the 9th of July.
Always have your SL in place.