GOLD trades in a wide global range between 2070 and 1689.38 and now after the third bearish momentum ends and after a false break-down of the lower boundary of the range, it rallies to 1810 and reverses to support 1747.7.
The situation can develop multifaceted, but the assumed scenario is that the price can repeat the movement from December 2020 and form an impulse by the end of the year to the previously tested 2070 level.
It is worth paying attention to further development of the situation regarding support 1747.7, if the price tests and fixes above the level, there are all chances of growth to the upper border of the trading range - 1862.9.
why do you think it will go 2070 again till the end of the year (fed pivot, inflation has collapsed, severe recession )
RLinda
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@Sangam-Agarwal, I don't take the news into account. News is the most unpredictable thing there can be. Your whole plan could be broken by some news or action of some ruler or politician this coming Friday. So what do you do next?
I assess the situation based on technical analysis, which is what logically lends itself to analysis
Sangam-Agarwal
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@RLinda, 1880 looks good but 2070 is not good fundamentally unless fed panic in next fomc
RLinda
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@Sangam-Agarwal, You don't need to tell me anything about the news. My answer on this matter is categorical. There is not even a clear strategy when trading on the news: it is written to place orders in two directions - isn't this a casino?)
Technically: Purely theoretically, why not?) The price is in a wide range. The lower target is reached, it remains to assume that we will take the upper one. This is taking into account the fact that the market is trading sideways 60-80% of the time, which is what we have at the moment (globally). That's in a nutshell))
UnknownUnicorn4430035
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@RLinda, The answer is NO. The trading is NOT a casino. Reasonable trading is not a game... Or You're just feeding your own illusion. )) Good Luck then!
RLinda
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@Viktor-Klimov, lol I made the comparison above to a local case, not to the entire trade. There is no need to exaggerate. And, try to understand the situation first instead of taking information out of context
UnknownUnicorn4430035
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@RLinda, oh... )) You don't need to tell me anything about my reply. My answer on this matter is categorical. News matter! Trading exclusively on technical analysis is a game. LOL
RLinda
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@Viktor-Klimov, *facepalm*
melikatrader94
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in my opinion gold start every big movement (no matter up or down) by a stop hunt! but this wave doesn't do that, so i am waitiong for a sharp hunting in support area!