Gold has been on a bearish trend for about two trading weeks.
The price has then broken above a consolidation/range which shows that price may reverse and climb further.
The current retracement is considered slow and weak.
Thus the price is likely to rebound later on when the price completes its retracement at the demand zone around 1292 based on a harmonic pattern.
Besides, the dollar is likely to retrace further after a bullish run last week which will aid the gold to climb higher.
The price has then broken above a consolidation/range which shows that price may reverse and climb further.
The current retracement is considered slow and weak.
Thus the price is likely to rebound later on when the price completes its retracement at the demand zone around 1292 based on a harmonic pattern.
Besides, the dollar is likely to retrace further after a bullish run last week which will aid the gold to climb higher.
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If you had longed at the demand zone, good for you.
However, I believe that the rebound was too shallow for the price to maintain bullish.
I believe that gold price will pull back again for a retest.
If may even break yesterday's low and form another harmonic pattern.
I will post another analysis for gold later on.
However, I believe that the rebound was too shallow for the price to maintain bullish.
I believe that gold price will pull back again for a retest.
If may even break yesterday's low and form another harmonic pattern.
I will post another analysis for gold later on.
However, the price indeed retraced further, moving closer the the demand zone at 1292.
The overall retracement so far is close to 70 pips.
Be patient and wait for the retracement to hit 90 pips and beyond.
But do observe carefully for signs of rebound.