Gold Analysis ( Updated )
Dear traders ,
With reference to my earlier chart on gold , it hit my target price that was 1792/1793 zone and followed the path as plotted in the earlier chart. We have strong resistance at 0.236 Fibo level ( 1791 ).
Two possible scenarios
1)If 1791 rejected we could see it heading back to 1815 levels.
2) If 1791 broken , I expect it to consolidate around 1780 , this is where the bottom of the pitchfork is and might range back to 1791 before heading down below 0.236 Fibo levels that is from 1760 to 1790 zone.
RSI as shown showing bearish divergence so sentiment is bearish.
If 1791 is broken it validates the H & S pattern and we can expect it go past 1780.
Fundamentally speaking , although there is inflation fear and Delta variant of covid spreading , investors seem to be on risk-on mode , moving away from gold.
Disclosure : Trade at your own risk.
With reference to my earlier chart on gold , it hit my target price that was 1792/1793 zone and followed the path as plotted in the earlier chart. We have strong resistance at 0.236 Fibo level ( 1791 ).
Two possible scenarios
1)If 1791 rejected we could see it heading back to 1815 levels.
2) If 1791 broken , I expect it to consolidate around 1780 , this is where the bottom of the pitchfork is and might range back to 1791 before heading down below 0.236 Fibo levels that is from 1760 to 1790 zone.
RSI as shown showing bearish divergence so sentiment is bearish.
If 1791 is broken it validates the H & S pattern and we can expect it go past 1780.
Fundamentally speaking , although there is inflation fear and Delta variant of covid spreading , investors seem to be on risk-on mode , moving away from gold.
Disclosure : Trade at your own risk.
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