Gold has done a significant pullback in the last few days which was expected this time of the year.
In our previous post, we mentioned
“We are bullish on Gold on the higher time frames with the expectation of price going higher however we are expecting seasonal pullbacks to as low as 1780.”
We are now observing where Gold will find support. Currently, the price is at a discount level. It's just above an ascending trend line.
Watch the trend line and how price reacts within the yellow box. A break and close below 1777 will open up 1763.00. If 1763 does not hold we are likely to reach 1707.
The lower the price drops the better as this will set up for great buying opportunities on the metals.
We will be looking to go long once we see price settle and the market structure is supportive for the next leg up.
In our previous post, we mentioned
“We are bullish on Gold on the higher time frames with the expectation of price going higher however we are expecting seasonal pullbacks to as low as 1780.”
We are now observing where Gold will find support. Currently, the price is at a discount level. It's just above an ascending trend line.
Watch the trend line and how price reacts within the yellow box. A break and close below 1777 will open up 1763.00. If 1763 does not hold we are likely to reach 1707.
The lower the price drops the better as this will set up for great buying opportunities on the metals.
We will be looking to go long once we see price settle and the market structure is supportive for the next leg up.
