The sentiment of the GOLD market is clearly bullish . As we can observe from the graph, after series of long and dull consolidations, a massive candle was able to break the upper boundary of the sideways moving range last week. The price dropped again right after, in order to correct the massive bull candle and re-test the area of the broken resistance.
Now, as we can see from the chart, the price is currently testing a zone of previous resistance turned support on lower timeframes, which also aligns with the golden fibonacci ratio. We are now waiting for the price to carefully retrace this zone and form a nice mini-bottom, before we open long positions and aim for the previous Higher High.
A continuation of the surge of the price for gold might eventually reach and once again test the resistance of the 1,800.00 mark. The 1,800.00 mark acted as a resistance level on October 14.
However, a decline might look for support in the 1,760.25/1,763. 40 zone, which acted as support on Monday. Below this zone, the October low levels below 1,750.00 could act as support.
On the daily candle chart, the yellow metal's price has bounced off the resistance of the 100 and 200-day simple moving averages, which strengthened the resistance of the 1,800.00 mark.
We Expect the market will go up to the 1789-1790 levels and from there we should see downside momentum
OR
Gold is at a daily resistance level . Depending on where price closes determines whether buy or sell. If price closes below the resistance then expect it to falL
Now, as we can see from the chart, the price is currently testing a zone of previous resistance turned support on lower timeframes, which also aligns with the golden fibonacci ratio. We are now waiting for the price to carefully retrace this zone and form a nice mini-bottom, before we open long positions and aim for the previous Higher High.
A continuation of the surge of the price for gold might eventually reach and once again test the resistance of the 1,800.00 mark. The 1,800.00 mark acted as a resistance level on October 14.
However, a decline might look for support in the 1,760.25/1,763. 40 zone, which acted as support on Monday. Below this zone, the October low levels below 1,750.00 could act as support.
On the daily candle chart, the yellow metal's price has bounced off the resistance of the 100 and 200-day simple moving averages, which strengthened the resistance of the 1,800.00 mark.
We Expect the market will go up to the 1789-1790 levels and from there we should see downside momentum
OR
Gold is at a daily resistance level . Depending on where price closes determines whether buy or sell. If price closes below the resistance then expect it to falL
