A few hours after the analysis from yesterday gold was already $20 lower.
Today we expect another downside move!
Yesterday we saw an upside impulse from the $1800 level, which is more likely only a correction and we expect that move to end around $1820.
If we get reversal candles with long...
The price is at Resistance level which I anticipate that it'll bounce back to the Support line and the RSI on a daily tf shows that the price is overbought which gives us a confirmation to go short. If you agree with my idea, please hit a FOLLOW for more analytics!!
We indicated on the chart active areas which could be interested for opening long positions - 0150, 0134 and 0125.
Pay attention on price reaction at 0150. If this level would be breakdown with a high probability we will see a price fall to 0134.
The priority is bull now. So we expecting a further growth to the 0169 and 0180.
Stop loss should be no more than 1-2%...
We've touched the weekly support. this is the second time we touched here, and i expect a reaction from here. targets and stoploss shown in the chart.
No reversal signs at the moment, so a conservative entry , shown with the red line, can be waited if price drops further.