Gold ready for bullish movement or temporarily?
After 9 long days of bearisch daily candles. The first daily bullish candle has formed. In my opinion the market sentiment changed. 1930 strong resistance broke and gold managed to form a higher high. From here on we need to focus on going long in the market with posible target as 1840, 1858, 1885, 1900 before the bearish move will start again.
Keep in mind that NFP caused the massive movement in gold last friday. It is posible that this is temporarily and the posibility remains that gold will still fall toward 1807-1800 level. In this zone there is still an untested big liquidity zone were orders are awaiting for price to come down. ALso keep in sight the daily bearish channel.
DXY on the other side is weakening towards a important support zone. It is posible for the USD to grow again from that point meaning gold can fall again.
Support: 1818, 1805, 1800
Resistance: 1840, 1858, 1885, 1900
Keep in mind that NFP caused the massive movement in gold last friday. It is posible that this is temporarily and the posibility remains that gold will still fall toward 1807-1800 level. In this zone there is still an untested big liquidity zone were orders are awaiting for price to come down. ALso keep in sight the daily bearish channel.
DXY on the other side is weakening towards a important support zone. It is posible for the USD to grow again from that point meaning gold can fall again.
Support: 1818, 1805, 1800
Resistance: 1840, 1858, 1885, 1900