The price on Friday was closed at the lowest low, because of that, there are still some forward downtrend momentum. The key levels are 1810, 1796, 1784, 1773, and 1764 ( Base on the last year price rejections ) Because of that, the safest trade is to wait for the confirmation for the price rejection.
Neutral because
For SHORT because
1. Price : There is no sign of rejection yet ( Momentum is down )
2. Trend : There is very strong down trend.
3. News : Last week news data supported the bearish movement
For LONG because
1. Price : The price has entry the rejection zone already
2. Fund : There are some liquidities to grab if the price went up
3. Balance : Because there was a lot of sellers last week, therefore, there would be more buyers this week ? ( Balance of power )
Good luck everyone & have fun trading gold !
Neutral because
For SHORT because
1. Price : There is no sign of rejection yet ( Momentum is down )
2. Trend : There is very strong down trend.
3. News : Last week news data supported the bearish movement
For LONG because
1. Price : The price has entry the rejection zone already
2. Fund : There are some liquidities to grab if the price went up
3. Balance : Because there was a lot of sellers last week, therefore, there would be more buyers this week ? ( Balance of power )
Good luck everyone & have fun trading gold !