Dollar Index rallied making higher high from previous strong key level. Brings gold down silmutaneously. However, gold might need to do their retracement before proceed with the current trend which is downside. Expecting gold to do the retest at the 1207.0 key level. Seeking for long at 1178.00.
Currently on short bias due to high bearish momentum candle formed and rejection of retracement on H1. currently respecting the 50.0% Fibs level for daily trend and 241.4% Fibs Level at Daily Resistance.
Gold price dropped drastically to 1215 last Friday. Price currently respecting the 261.8% Fibs and laying at the Daily Support. looking for bullish movement to next resistance level for its retracement (1248.35).
I will looking for short trade at between 0.993+and 0.995+ or entry with small lot sized at 0.992+ as Sell Stop order. Price went form a rejection Candlestick Pattern at daily resistance. Price might go the to highlighted zone or lower to do a retracement before go beyond current Resistance Zone.
Price Rejected at 61.8 Fibs Level plus at SBR level. Price also rejected the 50 EMA with strong bearish momentum.Since the major trend is Bearish, will be looking for short at 127.5++ to get a good risk reward ratio for this trade.
Short trade for gold on this week. Price already break the resistance level and made rejections CSR at the RBS level. Will looking for short position at 1270 level. Price might continue to go UP till next resistance. If price Breaks above 1274.00 this short biased might change to long bias. await for the price action formation, pattern, and time to tell.