Gold has recently reached a high of 2070, which is the price level back in the summer of 2020. However, a sharp bearish impulse took place immediately from the 2070 area. Currently, the price is moving within a bearish flag structure. This scenario is very similar with the price action pattern back in 2020 summer, and we believe that the price could again drop back to the support area of 1870 before regaining its bullish momentum. We are currently looking to enter buy position in gold market due to the price recently reaching a new higher high and also because of the persistent geopolitical tension between Russia and Ukraine. However, there is no immediate action for us to take now as the price is moving within a short-term bearish structure. Our possible buy entry zone is in the 1870 area. From that level, we will watch for a consolidation/reversal pattern and then enter our buy positions.
Let’s see if the history will repeat itself.
Let’s see if the history will repeat itself.
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We will update this post as the price comes close to the entry zone.