GOLD Gold prices extended their downtrend on Thursday and probed the 1940$ area. However, the downtrend is due to shrinking volume and open interest, suggesting that a more prolonged decline seems unlikely for the time being. So far, there seems to be good support around 1,930$Even if Gold Price surges past the 1,946$ level, the 38.2% Fibonacci level on the Daily chart could propel the bulls closer to 1,948$ before highlighting the 1,950$ upside. .
It's worth noting that gold's rally beyond 1,950$ is still not a free path for the bulls because of the previous daily high and one-week Fibonacci 38.2%, near 1,965$, can also check buyers GOLD.
However, in my opinion, I predict that
GOLD will bounce up to the 1943$-1946$ zone, then we have a short selling GOLD contract around 1943$-1946$. My expectation is that GOLD will fall back to 1930$Stop loss around 70pip per trade
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.