VasilyPonomarev
Long

GOLD: Next Week Will Be Important!!! Here is why...

OANDA:XAUUSD   Gold Spot / U.S. Dollar

hey traders,

very peculiar situation on gold .
analyzing the structure on a daily chart it looks like chances are still high that we will see a pullback
from current levels 1453 - 1460 and I still keep my long active.

HOWEVER

it looks like selling pressure is also accumulating.
if bears will manage to break below the underlined zone
it will trigger a massive selling reaction and will drive the market even lower to 1440 levels.

as it usually goes with the financial markets,
we have a very ambivalent situation.
be flexible and follow the market!

good luck!
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What if gold go down a another $50 like $1412 will be better toe buy gold
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Well if the banks started to do short selling for your retail traders will sell as well...
Its a very difficult scenario to predict. But Looking at Nasdaq I can say that it will push down Gold.
+3 Reply
@kashifali6,  
Yes, actually a huge movement is coming.
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Thanks for the update
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I don't know if I would say DP. It has a downward trend that makes it look like it could bounce but fade once more going into the new year finding 1435 as support. However if it doesn't break out between now and the new year it'll definitely be in an area of concern to fail completely.
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What is the reason to identify that area as a DP?
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