Now I see Gold hitting the 1800 level once again but after that we should be seeking to short a potential fall. We are oversold on the RSI in both the 1H and 4H timeframes. And I believe 1800 is possible since with all of this sideways movement after a significant drop, the commodity is moving sideways to liquidate and correct the fall that it did have. So look for sell positions once we see 1800 again. If not, look for a break and retest on 1785 for a sell there. And once again, this is only my bias on what I see right now. Like always, wait for multiple confirmations before making ANY positions. Trust your gut and have a safe and profitable trading week folks. God bless you!
Trade closed: target reached:
Now ,price didn't stop at the 1800 level that I had mentioned but it for sure tested the area marked and rejected it smoothly. Now, price did consolidate for a little for a little bit last night during london session, then as New York rolled in. We go the drop we have all been expecting. Now there was major news I believe that contributed to this such as retail sales for the U.S Government. Look to see for a retracement. Will keep you all updated on that and will draw up an idea for us to follow soon! God bless you all!