Gold closed really bullish on Friday and could continue its bullish momentum next week. Gold is likely to open with a gap and close the
1821 void. We could see the price targeting 1838(we have highlighted this level on our previous analysis)to 1850 Zone.
With another US $1.75 trillion infrastructure bill passed, this could cause dollar weakness, leading to a rising gold price.
If Gold finds rejection at the 1838-1850 zone, we will likely fall back into the pennant pattern and continue sideways until we see a breakout.
What to look out for:
Observe the price within the yellow box.
1: Price reaches 1821-26 and drops back out of the Yellow Box.
2: Price reaches trend line, pushes above to reach 1838 target and is rejected and drops back below Yellow Box.
3: Price breaks out of the pennant, above the trend line, and out of the yellow box to the upside.
We will not be trading Gold while the price is within the Yellow Box. Once Gold picks a direction, we will look to take trades.
1821 void. We could see the price targeting 1838(we have highlighted this level on our previous analysis)to 1850 Zone.
With another US $1.75 trillion infrastructure bill passed, this could cause dollar weakness, leading to a rising gold price.
If Gold finds rejection at the 1838-1850 zone, we will likely fall back into the pennant pattern and continue sideways until we see a breakout.
What to look out for:
Observe the price within the yellow box.
1: Price reaches 1821-26 and drops back out of the Yellow Box.
2: Price reaches trend line, pushes above to reach 1838 target and is rejected and drops back below Yellow Box.
3: Price breaks out of the pennant, above the trend line, and out of the yellow box to the upside.
We will not be trading Gold while the price is within the Yellow Box. Once Gold picks a direction, we will look to take trades.