In previous week we were at the same point in gold where we are in SP500 now, there was not any support below 1660 and we were looking for a strong support below 1660. Now we are looking at a clear morning star formation on gold in weekly time frame. Which indicates an upside move towards 1700 which is the first resistance ahead.On daily time frame we are looking at three consecutive bullish candles with a morning star formation at the bottom. Which indicate the momentum can continue in coming week. In coming week we are looking at resistance found at 1675 with support at 1616. As the overall trend is reversing on higher time frames so we will be looking for long positions only . the adjacent support is at 1660 and 1645 from where we can expect long positions with intraweek target of 1675 and 1700 if the 1675 level is broken.
If you like this or if you think the opposite of this or if there is any other opinion, mention it in the comments. I am open to all kind of suggestions and critics.
If you like this or if you think the opposite of this or if there is any other opinion, mention it in the comments. I am open to all kind of suggestions and critics.