Gold moved sideways during August 2020-March 2022. The trend then ended by market on 2nd May 2022. Since then, Gold establishing bearish trend till now.
What should traders do then this week?
On 21st July 2022, Gold rebounded from 1681.65, and made a counter trend correction to 1805.55 (new resistance) and then market reversed. Meaning, that sellers be active again now and likely drive market going down again. For the price still around 1750, the chance is gold price still can move up a bit before it going down. This will give traders a chance to short gold at that time. The target down movement will be around 1680. And I see the price can be reversed at that level and move sideways for a while , or it will breakout that level and go down deeper to 1535.
Whatever scenario happening in the next movement in market, going short in my humble opinion is the wise and best choice for traders.
So, good luck then
What should traders do then this week?
On 21st July 2022, Gold rebounded from 1681.65, and made a counter trend correction to 1805.55 (new resistance) and then market reversed. Meaning, that sellers be active again now and likely drive market going down again. For the price still around 1750, the chance is gold price still can move up a bit before it going down. This will give traders a chance to short gold at that time. The target down movement will be around 1680. And I see the price can be reversed at that level and move sideways for a while , or it will breakout that level and go down deeper to 1535.
Whatever scenario happening in the next movement in market, going short in my humble opinion is the wise and best choice for traders.
So, good luck then