On todays analysis of Gold we can see gold has dipped into a major area of supply around the 1790 area.
Once Gold found this area of supply is rejected off it perfectly rebounding back towards the 1800 area which is ideal for a Bullish Sentiment.
Personally speaking I would be waiting for another drop to 1790 before taking my buys.
On the other hand GOLD on the 4HR has began to show a potential Head and Shoulders pattern forming, this is of course a Bearish indication.
We also have an area of 1770 which we have not tested and shown a major imbalance when reached
My outlook on Gold on the short term is we could see a further continuation to the downside if the supply area of 1790 is broken.
Some Pivot Points on Gold for Resistance and Support are as follows
Resistance on the Daily is 1812.56
Support on the Daily is 1787.22
MA200 area of Bearish Sentiment at 1822.29
I will monitor these areas very closely and positions will be taken when in confluence to my analysis.
Once Gold found this area of supply is rejected off it perfectly rebounding back towards the 1800 area which is ideal for a Bullish Sentiment.
Personally speaking I would be waiting for another drop to 1790 before taking my buys.
On the other hand GOLD on the 4HR has began to show a potential Head and Shoulders pattern forming, this is of course a Bearish indication.
We also have an area of 1770 which we have not tested and shown a major imbalance when reached
My outlook on Gold on the short term is we could see a further continuation to the downside if the supply area of 1790 is broken.
Some Pivot Points on Gold for Resistance and Support are as follows
Resistance on the Daily is 1812.56
Support on the Daily is 1787.22
MA200 area of Bearish Sentiment at 1822.29
I will monitor these areas very closely and positions will be taken when in confluence to my analysis.
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GOLD SHORT IDEA
TradingKarl
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