In my video yesterday, I mentioned a possible upward continuation for gold and identified 2355 as the buy zone.
Indeed, the price reversed upward precisely from that zone and reached a local high of around 2388.
However, the rise after breaking the resistance is overlapping, indicating selling at higher levels. Additionally, the recent upward movement is contained within a rising wedge, suggesting a potential reversal.
My strategy is to sell rallies around 2400, targeting a level near yesterday's low.
In the longer term, if the bulls are unable to maintain the 2350 zone, there is still the possibility of a drop below 2300.
Indeed, the price reversed upward precisely from that zone and reached a local high of around 2388.
However, the rise after breaking the resistance is overlapping, indicating selling at higher levels. Additionally, the recent upward movement is contained within a rising wedge, suggesting a potential reversal.
My strategy is to sell rallies around 2400, targeting a level near yesterday's low.
In the longer term, if the bulls are unable to maintain the 2350 zone, there is still the possibility of a drop below 2300.
Note
Gold dropped hard before NFP putting in a major false break that led to the break of the wedge's supportNote
NFP has added a huge drop for Gold today and, at the time of updating, the daily dive is more than 650 pips.Also, looking at the weekly chart, we also have a huge Pin Bar in place.
With an overall structure strongly bearish, the adds for a drop to 2200 are huge
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📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.