Last week session we got NFP to control the rest of market until the last of the week.
From the lower timeframe, we could see there will be a last run from Buyers because the Strong Support @1255 is holding and maintain the ground.
From now on, I suggest to wait and see or stay in the neutral stance.
The reason behind this is the movement was affect of the US's Data. Which is this might be temporary, but I believe the buyers momentum might be dead next week.
Because of couple signs such as Symmetrical Triangle in the Weekly Chart tells us that the Resistance Line is holding and also in Weekly Timeframe, the candlestick is formed a Dark Cloud Cover, which is a sign for reversal in Gold. And if I'm not wrong, I also saw the Rising Wedge Pattern in the Daily Chart. These all are a reversal sign.
Key Levels :
* 1255 ( Strong Support )
* 1264.70 ( Bridge Area )
Please leave a comment below if you think there is something wrong with my idea, help me to learn :)
Please click " Like " if you find this analysis helpful.
Good luck and happy weekend :)
From the lower timeframe, we could see there will be a last run from Buyers because the Strong Support @1255 is holding and maintain the ground.
From now on, I suggest to wait and see or stay in the neutral stance.
The reason behind this is the movement was affect of the US's Data. Which is this might be temporary, but I believe the buyers momentum might be dead next week.
Because of couple signs such as Symmetrical Triangle in the Weekly Chart tells us that the Resistance Line is holding and also in Weekly Timeframe, the candlestick is formed a Dark Cloud Cover, which is a sign for reversal in Gold. And if I'm not wrong, I also saw the Rising Wedge Pattern in the Daily Chart. These all are a reversal sign.
Key Levels :
* 1255 ( Strong Support )
* 1264.70 ( Bridge Area )
Please leave a comment below if you think there is something wrong with my idea, help me to learn :)
Please click " Like " if you find this analysis helpful.
Good luck and happy weekend :)