Looking at the daily chart, gold is supported at a strong level of daily support at around 1790 which also aligns together a 3rd touch of the trendline. Market structure on the daily timeframe is bullish and price is now sitting at the 78.60% fib level. Hence, there is a higher probability for gold to continue up. Something to take note is last week's candle closed bearish and last Friday's candle closed with a huge week to the upside rejecting the daily resistance level at around 1807. Hence, i expect Monday to be a slow day to prepare for a huge move later this week. However, there is alot of news coming out this week which will totally change the way market moves. Just incase market breaks our daily support and trendline, it will be a nice sell setup to bring gold down to potentially 1726. So, my bias remains bullish for now and i might look to take some intraday buys with a target at 1807. If price breaks that level then i will be more confident to even hold my trades to 1830.
Things to look closely for current market conditions:
- Inflation
- New covid variant
- Risk On/Off
Things to look closely for current market conditions:
- Inflation
- New covid variant
- Risk On/Off