With gold's strong movement to the downside, I have identified 2 levels where a potential price correction can occur. On Friday, we managed to see price level hitting the 161.8% fib level. The first potential price range to look out for will be 1795-1800. This will be a demand zone where we can anticipate buyers entering position for gold. However, if you wish to enter position here do wait for confirmation. Another strong supply zone will be 1758-1761 price range.
Trend: BEARISH
Opportunity: BULLISH retracement (only with valid confirmation)
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Trend: BEARISH
Opportunity: BULLISH retracement (only with valid confirmation)
Do drop a LIKE to support my content. Also, if you enjoy my daily updates on gold ( XAUUSD ), do drop me a FOLLOW on Tradingview. Greatly appreciated :)