Gold experienced a drop in value yesterday, breaking a three-day streak of price increases. Nonetheless, the drop was relatively minor as indicated by the narrow range of the daily bar (D1), suggesting that the downward pressure was not substantial. The D1 bar from yesterday still closed above the upper boundary, indicating that the market remains overbought and leaving room for the possibility of further downward corrections. The overall structure of the Gold D1 chart remains bullish.
On the H1 chart, gold traded in a sideways fashion near the $2,000 price level yesterday. A bullish price pattern emerged, and for the price to gain momentum and break above the key $2,000 mark once more, it will require a catalyst, possibly surpassing the recent peak at $2. A potential buying opportunity could arise after such a breakthrough, with an eye on waiting for a retest of this level.
On the H1 chart, gold traded in a sideways fashion near the $2,000 price level yesterday. A bullish price pattern emerged, and for the price to gain momentum and break above the key $2,000 mark once more, it will require a catalyst, possibly surpassing the recent peak at $2. A potential buying opportunity could arise after such a breakthrough, with an eye on waiting for a retest of this level.
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Gold is recovering with weak momentum and is gradually approaching the support area we previously observed around 1990 and 1980.
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Please keep an eye on these two support zones. Currently, the structure of gold is still bullish, so the main trading strategy of gold is still to buy up following the trend. If the price approaches one of these two zones and forms a good buy signal, it can be traded.
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