Last week we saw a break of structure on Gold which signified the development of a new bear trend. Price break through support, established a floor then started its correction. Two (2) scenarios might provides us with a trading opportunity in this market.
(1) If market opens and price remains below the established resistance point marked in yellow then we might see a rally to TP1.
(2) Price might break pass resistance and rally to test the major trend line before making its bear run.
Technical Points to Notes: Counter line has been broken, price is sitting on a major resistance point as seen in historic data and 61.8% Fib level has been confirmed at this region.
(1) If market opens and price remains below the established resistance point marked in yellow then we might see a rally to TP1.
(2) Price might break pass resistance and rally to test the major trend line before making its bear run.
Technical Points to Notes: Counter line has been broken, price is sitting on a major resistance point as seen in historic data and 61.8% Fib level has been confirmed at this region.