I'll start talking about the monthly chart where I can see that has touched a pretty strong level of resistance and this was the reason of this big sell off that gold did yesterday, for me the market is still bullish, so this indicates me that the market is getting strength for breaking the 1911.00$ price. Moving forward to the daily chart I can see that the price has touched the 50.00% and 61.80% fibo area, and this is a pretty powerful sign that it could change the bears now leading the market for the bulls. Finally, on the 4 hour chart, there's a good price action for a reversal too. The price I'm looking the price to go is the 1911.00$ where there's a strong resistance that I have mentioned before.
Comment:
This is taking longer than what I expected, but still thinking the same. Now I'm expecting a consolidation in this region we are in now of the 1808.00 price and with this we are heading to the levels of the 1903.00 and the 1912.00 range.
Trade closed manually:
I'm not confident anymore about this analysIS. Closed manually in profit.