- The previous setup failed after Powell's testimony last Wednesday. Despite Powell's hawkish stance remain unchanged, the gold market is still technically bullish in the weekly outlook.
- As the RSI (H4 & H1) is indicating an overbought market, there is a high chance of a price retracement to either at the first buy zone (23.6~38.2 Fib retracement) or the second buy zone (50.0-61.8 Fib retracement) in the coming week.
- In case of such a drop, it would present an opportunity to enter a long position, with TP3 as the primary target.
- Good Luck and Thanks!
- As the RSI (H4 & H1) is indicating an overbought market, there is a high chance of a price retracement to either at the first buy zone (23.6~38.2 Fib retracement) or the second buy zone (50.0-61.8 Fib retracement) in the coming week.
- In case of such a drop, it would present an opportunity to enter a long position, with TP3 as the primary target.
- Good Luck and Thanks!
