Will Gold retrace to retest support then head to test ATH?
Good afternoon traders,
Although the trend for Gold is bullish as the weakening US Dollar is seemingly more and more bearish with all the dovish signs from the FED, gold has met resistance at the 1945 area and may be showing signs that it is over extended and is going to need to retrace to the nearest support areas, (2035, 2030, 2015, 2005) before continuing up towards the ATHs. We will be looking for buying opportunities along the way.
My current target buying area is 2005-2020 obviously depending on how the precious metal decides to react. From there I will be looking at targets around 2060+ depending on if gold goes into price discovery from there. As of now this is my analysis on gold, but if the market changes then my analysis may also change. Remember we cannot guarantee where the market is going to move, but we can determine how we are going to react to it.
Anything I write and post is not financial advice, it is strictly my analysis on where I may personally place my trades. I will post updates as the trade moves forward.
Happy trading everyone have a wonderful Thursday!
Although the trend for Gold is bullish as the weakening US Dollar is seemingly more and more bearish with all the dovish signs from the FED, gold has met resistance at the 1945 area and may be showing signs that it is over extended and is going to need to retrace to the nearest support areas, (2035, 2030, 2015, 2005) before continuing up towards the ATHs. We will be looking for buying opportunities along the way.
My current target buying area is 2005-2020 obviously depending on how the precious metal decides to react. From there I will be looking at targets around 2060+ depending on if gold goes into price discovery from there. As of now this is my analysis on gold, but if the market changes then my analysis may also change. Remember we cannot guarantee where the market is going to move, but we can determine how we are going to react to it.
Anything I write and post is not financial advice, it is strictly my analysis on where I may personally place my trades. I will post updates as the trade moves forward.
Happy trading everyone have a wonderful Thursday!
Comment:
Gold decided it didn't want to grab any liquidity and shot straight to a new ATH. Not going to jump in and try to "catch a falling knife". So we will wait for an opportunity to set itself up. :) Happy trading have a great weekend everyone!