We were looking for a bullish gold in the previous analysis but for the moment we are looking at a tricky situation since we failed to break above the ascending weekly trendline. The trendline strongly rejected the price and we are on our way for another retest before either breaking it or getting pushed back to the downside. Also we have tested the 50% FIB on the impulse which explain the strong rejection from the 1870 area. Keep watching Gold for more confirmation as of this moment the direction is not clear enough. We have two scenarios and I think that the following two days will determine whether we will be going long or short on Gold.
I hope you enjoyed this analysis , if So please leave a like and share. In the event you have a different opinion on Gold please leave a comment as I would love to hear about it.
I hope you enjoyed this analysis , if So please leave a like and share. In the event you have a different opinion on Gold please leave a comment as I would love to hear about it.