The question that most of you maybe wondering for now: Bearish or Bullish looking? Before I start, I would like to mention that gold have been on an uptrend with many retracements occurring which may trigger SL for some of the scalpers trading at lower timeframe. I will be using the H4 chart for my analysis.
Gold have been making several big movements (high liquidity) but overall I will see gold minimally going to the 1750 price level as of now, testing the trend resistance line. Definitely, if we see the resistance line broken we can see it going for a higher high which could potentially test 1780-1800 price level. For now, we may see a retracement back to the support line (dotted line) before the bullish momentum takes place or we could see it soaring to 1750 price level without any retracement (most likely). Next week's candle will be interesting and stay tune for more updates!!!!
Gold have been making several big movements (high liquidity) but overall I will see gold minimally going to the 1750 price level as of now, testing the trend resistance line. Definitely, if we see the resistance line broken we can see it going for a higher high which could potentially test 1780-1800 price level. For now, we may see a retracement back to the support line (dotted line) before the bullish momentum takes place or we could see it soaring to 1750 price level without any retracement (most likely). Next week's candle will be interesting and stay tune for more updates!!!!