The gold continues to climb yesterday and finally met with some strong supply which has caused it to retraced significantly.
The retracement has now exceeded 80 pips which is a sign of oversold itself.
For those who understand that the fundamental supports a stronger gold, now is a good chance to long again.
The price, however, may continue to consolidate and retrace further to test the demand zone at 1312.
As of now, we still stick closely to a bullish gold base on our weekly forecast.
It is very important that as a trader, we do our best to respect our bigger plan and stick closely to it.
The retracement has now exceeded 80 pips which is a sign of oversold itself.
For those who understand that the fundamental supports a stronger gold, now is a good chance to long again.
The price, however, may continue to consolidate and retrace further to test the demand zone at 1312.
As of now, we still stick closely to a bullish gold base on our weekly forecast.
It is very important that as a trader, we do our best to respect our bigger plan and stick closely to it.
There's no doubt there are buyers coming in during the US session but has been capped.
Therefore, there's a good chance that the price may retrace further, as usual, to stop out the buyers.
I would suggest to look for buying opportunity below the price of 1310 with stop loss below 1305.