Gold has been on a healthy downtrend since 18th April, then price peaked at 1998 then plummeted all the way to 1788. Currently price is still in a healthy pullback (sellers opportunity), the nearest resistance structure is around 1856.
Price is now forming a tight consolidation, especially if you zoom into the LTF it’d be a lot clearer. If price breaks above 1856 zone, that shows a sign of short-term bullish sentiment in the market, then we’d be looking for some short-term long setup potentially towards 1900 price zone.
However, if price begins to reject and show signs of sellers strength around 1856, we will still favour the bear side as the overall flow is still downwards.
*Always perform your own analysis and only use this as an educational material. Trade safe and take care.*
*Do not forget to like if you enjoy the content, and share with someone who'd enjoy reading this.*
Price is now forming a tight consolidation, especially if you zoom into the LTF it’d be a lot clearer. If price breaks above 1856 zone, that shows a sign of short-term bullish sentiment in the market, then we’d be looking for some short-term long setup potentially towards 1900 price zone.
However, if price begins to reject and show signs of sellers strength around 1856, we will still favour the bear side as the overall flow is still downwards.
*Always perform your own analysis and only use this as an educational material. Trade safe and take care.*
*Do not forget to like if you enjoy the content, and share with someone who'd enjoy reading this.*
