An important week close for Gold traders
All past week rallies above 1800 were sold and this week, the scenery repeated with rallies clearly sold.
This gives me a very bearish perspective and, as I said multiple times, a fall to 1720 (at least)
From the weekly chart perspective, there are 3 scenarios:
1. And, of course, my favorite: a close under 1760, this should lead to an acceleration of losses and 1720 after this break
2. Gold closes the week above 1770, which, although is not bullish at all, can mean a continuation of range trading
3. The least probable and, of course, the one that I don't want considering my short trades, a close above 1800. This is bullish and confirmes 1770 as strong support
Best of luck!
Mihai Iacob
P.S: Write your comment or share your chart and analysis in the comment section. Also "Likes" are much appreciated
This gives me a very bearish perspective and, as I said multiple times, a fall to 1720 (at least)
From the weekly chart perspective, there are 3 scenarios:
1. And, of course, my favorite: a close under 1760, this should lead to an acceleration of losses and 1720 after this break
2. Gold closes the week above 1770, which, although is not bullish at all, can mean a continuation of range trading
3. The least probable and, of course, the one that I don't want considering my short trades, a close above 1800. This is bullish and confirmes 1770 as strong support
Best of luck!
Mihai Iacob
P.S: Write your comment or share your chart and analysis in the comment section. Also "Likes" are much appreciated
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