Gold has been ranging all day after having a rejection from a major level of support on the higher timeframe. Price can continue bullish during the London session or Pre-NY.
We just need to see an break and close, followed by a retest of the minor trendline. Then there will be a probability that price can retest the high that was created during the NY session today.
If price begins to break its lows at 1991, below the 200EMA (red line), price could continue bearish to fill the wick to the left.
My overall bias on Gold is still bullish, I think that price is just settling after two consecutive weeks of high volatility. We will see what happens during London open and then NY Open.
1. Price Rejected a previous level of support
2. A higher high was formed after price broke from structure
3. Price is currently ranging and could break either way.
4. A break and close below 1991.20 can continue bearish to at least fill the wick.
5. If price breaks and closes above the minor trend, There could be a bullish move until the top of the range at 2006 and then 2016
We just need to see an break and close, followed by a retest of the minor trendline. Then there will be a probability that price can retest the high that was created during the NY session today.
If price begins to break its lows at 1991, below the 200EMA (red line), price could continue bearish to fill the wick to the left.
My overall bias on Gold is still bullish, I think that price is just settling after two consecutive weeks of high volatility. We will see what happens during London open and then NY Open.
1. Price Rejected a previous level of support
2. A higher high was formed after price broke from structure
3. Price is currently ranging and could break either way.
4. A break and close below 1991.20 can continue bearish to at least fill the wick.
5. If price breaks and closes above the minor trend, There could be a bullish move until the top of the range at 2006 and then 2016