GOLD increased in the short term, approaching an important level

28 mag

From a recent price action standpoint, the move on Gold may have offered cues of encountering weakness, and could serve as a key trigger for bearish traders. This is why I’m anticipating further short-side follow-through. The negative outlook is not confirmed yet, however a bounce off the trendline could once again attract sellers, for a decent move to 3,240 support zone. This latter zone, could be a key turning point that if broken, would lead to a good opportunities for buyers looking to get involved on the dips, anticipating a potential shift in momentum.

But a strong move up and break of trendline at around 3335-3340, would allow Gold to reclaim the 3400 mark and climb even further.

On Monday in my last analysis I predicted that the price gold would fall as low as 3290, after which the price has rebounded short term. All this being said, I am closely watching how price will react when it encounters the trendline as shown and I will wait for any confirmation clues.

Please note that I will not get involved without proper confirmation

29 mag

Trade attivo

This time I have missed the move.