First of All thumbs up to all the traders who followed my call to sell gold from 1743-1752 area all the way up to 1680-1670. Currently hedge funds from January has closed massive long positions from 349,946 to all the way up-to 262,774. As a result we can see massive downtrend on gold so far.
At the moment Gold had a pretty big crash from all the way from 1752-55 area to 1675 bullish reversal zone and it is pretty natural to expect a strong correction at this point followed by Biden US economic plan. Now the gold is retesting the strong selling zone 1715-1722 where we can see some bear pressure. Above 1728 is a bit risky but I think it is very less likely because of bearish pressure.
Technically Gold has just retraced to 61.8% of fib level at 1713.91 of daily impulse zone which is current selling resistance at 1711-1715 if broken above 1722 is the next resistance where we can expect consolidation between 1706-1722 area.
Overview: I am operating my selling orders from 1715 and 1705 with SL 1728 as I have already achieved twice my Monthly Target A small loss would not bother me much . My Initial target remains the same 1670 whereas 1650, 1620, 1588 are my follow up targets . I will be only looking for longing opportunities from 1588 area.
At the moment Gold had a pretty big crash from all the way from 1752-55 area to 1675 bullish reversal zone and it is pretty natural to expect a strong correction at this point followed by Biden US economic plan. Now the gold is retesting the strong selling zone 1715-1722 where we can see some bear pressure. Above 1728 is a bit risky but I think it is very less likely because of bearish pressure.
Technically Gold has just retraced to 61.8% of fib level at 1713.91 of daily impulse zone which is current selling resistance at 1711-1715 if broken above 1722 is the next resistance where we can expect consolidation between 1706-1722 area.
Overview: I am operating my selling orders from 1715 and 1705 with SL 1728 as I have already achieved twice my Monthly Target A small loss would not bother me much . My Initial target remains the same 1670 whereas 1650, 1620, 1588 are my follow up targets . I will be only looking for longing opportunities from 1588 area.