Last week gold make a strong change in trend direction to the downside, with large strength behind both days after the USD interest rate announcement.
If we stay with the current trend there are a number of strong sell-side imbalance areas as resistance which will continue to force price lower if the volume comes back into the imbalance areas. In the worse case scenario price will retrace back into Thursdays imbalance area before a move back into the trend.
Price breaking higher above 1797 would not be a big concern as we still have sell-side resistance. Any move above 1825 would potentially be a sign of the market wanting to move higher.
Happy trading and remember to follow us on tradingview.
If we stay with the current trend there are a number of strong sell-side imbalance areas as resistance which will continue to force price lower if the volume comes back into the imbalance areas. In the worse case scenario price will retrace back into Thursdays imbalance area before a move back into the trend.
Price breaking higher above 1797 would not be a big concern as we still have sell-side resistance. Any move above 1825 would potentially be a sign of the market wanting to move higher.
Happy trading and remember to follow us on tradingview.