2 possible scenarios for Gold
Some fundamental signs are pointing a possible reverse on the downtrend of gold.
The good trade when you match this with price action, trying to take the best timing
The first scenario is a break to the upside bouncing from the downside of the channel, that could be strong if it will squeeze the short sellers betting on a fall to the 1000 barrier
The second scenario is a retest of the support ( red line ) around 1046.87 before going to the upside
A confirmation with the RSI and Bollinger bands is important.
NOTE : I don't prefer to take the short side, which is too risky, stay neutral and wait for the best moment.
- It may be possible to go down for a test of the 1000/once (yellow line) it could be a very good opportunity to go long ( if alined with RSI oversold and very close to the big channel ( blue descending channel )
EVERYTHING is possible !
The good trade when you match this with price action, trying to take the best timing
The first scenario is a break to the upside bouncing from the downside of the channel, that could be strong if it will squeeze the short sellers betting on a fall to the 1000 barrier
The second scenario is a retest of the support ( red line ) around 1046.87 before going to the upside
A confirmation with the RSI and Bollinger bands is important.
NOTE : I don't prefer to take the short side, which is too risky, stay neutral and wait for the best moment.
- It may be possible to go down for a test of the 1000/once (yellow line) it could be a very good opportunity to go long ( if alined with RSI oversold and very close to the big channel ( blue descending channel )
EVERYTHING is possible !
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