All month of December I called for a lower price of Gold and this didn't happen. Instead, in these low liquidity months, Gold has risen and even broken above 1810-1815 important zone resistance. In yesterday's market comment I ve written that between 1810 and 1830 Gold is in no man's land and we need clarification. Despite December's rise, it seems that my gut feeling is correct and Gold will drop. Technically speaking, yesterday is marked by an extremely large bearish engulfing and, looking at the daily chart we can clearly see that the rise from 1750 to 1830 is corrective in nature, doesn't have impulse and is overlapping, and is calling for a steep drop. That being said, I will look to sell rallies and a break above 1830 would negate my bearish scenario. As for targets, depending on the type of trading and patience, 1770, 1750, 1720, and 1680 are supports and I think the latter will be reached in the medium term
Did you consider coming fundamental data this week?
sonphamvu123
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Shark is pumping for fake bullish
hamidreza_FX
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Very nice
hamidreza_FX
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Grateful bro
nabil92nar
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First Research First Than Give Idea...........
Mihai_Iacob
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@nabil92nar, if you read the analysis you see that I said that between 1810 and 1830 is no men s land, also, you don t know my entry point and my stop loss. So...
nabil92nar
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@OptimoomFX, Than you should mention in the idea. Otherwise.....
I think we are headed higher and not lower. Bullish breakout is impending in my opinion and such occurrence will coincide will resumption of bullish trend. Gold has been trading mostly sideways for half year now. Thanks for sharing opposite view though.