GOLD may exit the wedge: $1,985 to watch
GOLD Good may exit the wedge formed. $1,951 is the key level to watch and a breakthrough will signal a trend reversal from bearish to bullish. Gold is looking to hit $1,985 area once again.
As my analysis last week, Gold hit below $1,951 after it bounce higher in the $1,985. As I said it will try to ditch lower to $1,925 making it a big support this week. The chances it may get to that level of $1,925 is still unclear. This plays an important level in the chart in the short term. As per my analysis, the metal will try to exit the wedge and looking to form a bullish trend, however it may reach $1,925 or $1936 only to hit $1,985.
Caution: We have 3 macro-economic news this week that will bring higher volatility to the market;
1. ADP Employment Change
2. ISM Manufacturing PMI
3. Non-farm Payrolls
Lookout for this news, and DYOR about them. If the news push the US DOLLAR INDEX down, then GOLD might become bullish, otherwise look for a sell position.
RESISTANCE: $1,985
SUPPORT: $1,925
SUPPORT (MEDIUM-TERM): $1,900
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