The overall trend for Gold is currently bullish. I believe that price is currently in a retracement to build up more volume before the bullish continuation. As long as price is respecting the 200EMA (red line) and candles continue to close above, we will have an easier time with buy positions.
As you can see, price is currently in a range on the 4 hour timeframe. There could be a possible rejection from 1930, 1922.50, or from the bottom of the range near the EMA (red line) at 1912.50 to then continue bullish.
Currently, as you can see, we are trending bearish but I believe we will see a different story during the NY Open and then the NYSE market open volume. I will look for a buy position when support has been formed, with my first take profit at the high of 1945 and then possibly 1960.
1. Trend is currently bearish
2. Price formed a low/support along a major level near the 200EMA
3. Price has formed resistance and could continue bearish to retest the low that was created.
4. If price fails to break and close below the 200 EMA, we can continue the overall bullish trend.
As you can see, price is currently in a range on the 4 hour timeframe. There could be a possible rejection from 1930, 1922.50, or from the bottom of the range near the EMA (red line) at 1912.50 to then continue bullish.
Currently, as you can see, we are trending bearish but I believe we will see a different story during the NY Open and then the NYSE market open volume. I will look for a buy position when support has been formed, with my first take profit at the high of 1945 and then possibly 1960.
1. Trend is currently bearish
2. Price formed a low/support along a major level near the 200EMA
3. Price has formed resistance and could continue bearish to retest the low that was created.
4. If price fails to break and close below the 200 EMA, we can continue the overall bullish trend.