🔸Hello guys, today let's review 2daily price chart for gold. Ongoing accumulation in progress since 2020, strong chart overall, however expecting short/mid-term weakness before reversal. Accumulation not complete yet, final low print required to complete the sequence and flip market into bull mode.
🔸Range lows defined at 1715 usd, range highs set at 2000 usd, resistances overhead at 2 050 / 2100 usd and key supports below near 1650/1700 USD. Short-term / mid-term outlook: rejection on high volume near 2125 usd locks further upside and therefore pullback required for re-accumulation.
🔸We are trading in well-defined range since August 2020, current risk/reward favors bearish pullback and it's recommended for the bulls to focus on buying low later after the pullback. Valid target for bulls after pullback near 2300/2450 USD.
🔸Recommended strategy position traders: BULLS should remain on sideline and focus on buying low later after pullback completes near range lows. accumulate/buy low, TP1 2300 USD TP2 is 2450 USD, keep in mind this is a swing trade setup and more patience required. good luck traders!
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