GOLD LONG 10.07.2018
Scenario 1: We test and bounce off of the 1246.50 support zone and continue to rally up to 1264.00, closely followed by 1289.00
Scenario 2: 1246.50 support fails, we rally down to the trendline at 1237.5-1240.00 zone, successfully retest and bounce then continue with bullish momentum.
Scenario 3: Break of support at 1246.50 and break of trendline at 1237.5-1240.00 and continue with bearish power.
I am biased for long as there is much manipulation in the market thus bringing such low gold prices. As i wrote in a previous analysis, i am still expecting 1400 to be broken this year, this is prime price range for long setups. Monitor closely for some good profits.
Scenario 2: 1246.50 support fails, we rally down to the trendline at 1237.5-1240.00 zone, successfully retest and bounce then continue with bullish momentum.
Scenario 3: Break of support at 1246.50 and break of trendline at 1237.5-1240.00 and continue with bearish power.
I am biased for long as there is much manipulation in the market thus bringing such low gold prices. As i wrote in a previous analysis, i am still expecting 1400 to be broken this year, this is prime price range for long setups. Monitor closely for some good profits.
Note
Price came down to 1247.25 and bounced, possibility of one more downside thrust possible tomorrow.
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.
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.