Gold prices have opened the week at a key support level around the 61.8% retracement of the June-August major move.
CURRENT EVENTS: Short and Long-term strategies may favor Gold strength, while intermediate-term strategies may continue to look for bullish swing scenarios as COVID fears become more serious in the UK & Europe. Recent price action tell us Gold prices have now spent more than the past four months digesting after this summer’s bullish run.
LOOKING FOWARD: Price area on the chart has continued to form major price structures is 1859-1871: This zone caught support after that pullback first started in August and four months later, it came in as resistance last week to help hold buyers at bay.
TODAY RESISTANCE: Very simple targets of previous highs. Target 1 - 1838 Target 2 - 1852
Comment
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Comment
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Expecting new support before Target 2
Trade closed: target reached
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No interest in long position past 1845 for the London Session
Iam asking now gold went up 1855 today 1855 position will come down like 1830 and go up or continuously will go up from 1855?? please assist me
CeoCodes
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Hi @Thavaneethan, as I posted in the trade idea, I have no interest in being long Gold past 1845. Im waiting to see price consolidation before the next move is clear.