FOREXCOM:XAUUSD   Gold Spot / U.S. Dollar
Hi Guys,
I had a terrible analyse on gold last time and now find courage to look at it again.My last call had a stop loss around 1210 and thanks god we didn't reach there yet and we are still in play.
As you see i draw Support/Resistance level in this chart for you plus 2 bullish wedge .I can illustrate 2 possible scenario for gold but as you know lot fundamental factors are in play in gold market.Look at this chart,this is my first scenario
In another hand i have a support resistance line in my chart that started from Gold ATH and as you see we had several important reactions by it and somehow it helped market to revers itself.look at it:
In my opinion if Gold can't start to revers from here by this 2 wedge and can't achieve goals my first scenario,it will revers trend with another impact with this dotted line.As you see after August 2017 this like worked as Support and i expect a similar reaction by this,again.
For now hold your stop,all thing will clear in few days.
Good Luck

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Comments

Expiration dates 26 and 27 this month (options/futures) will likely have a significant short term impact on price of gold. Usually bearish but not always. GC1/GC2 in contango at this time
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Peymana71 bracken
@bracken, Agree with you.
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