Hello,
For gold this coming week depending how it open Sunday evening we can expect a drop to 1280.00 zone. From here we would want to see price action either break to continue down to 1255.00. if we do hold this area we can expect a retest back up to 1312.00 then continue down.
For now we will have to wait and see how price forms around 1280.00, keep in kind if price down break we can expect a catch of 220 pips. Do keep in mind we have 2 FTR around 1270.00 zone and right at our target of 1255.00.
My bias is that price will break 1280.00 zone and do a pull back from the 1270.00 to retest and continue down.
Happy trading guys.
For gold this coming week depending how it open Sunday evening we can expect a drop to 1280.00 zone. From here we would want to see price action either break to continue down to 1255.00. if we do hold this area we can expect a retest back up to 1312.00 then continue down.
For now we will have to wait and see how price forms around 1280.00, keep in kind if price down break we can expect a catch of 220 pips. Do keep in mind we have 2 FTR around 1270.00 zone and right at our target of 1255.00.
My bias is that price will break 1280.00 zone and do a pull back from the 1270.00 to retest and continue down.
Happy trading guys.