Double Bottom on Gold?
Price breaks a key support area and made a retest on Friday. It seems there is momentum to the upside; this could extend towards the pivot point illustrated in blue; however, the new resistance area is quite strong based on it being the support of a 4H range in which price had been in for the past 2 weeks.
Supply areas are being meet and sellers might like this opportunity for an entry with objectives toward yearly lows.
I stand bearish and until the yearly lows aren't tested a second time, I will stick to short positions.
Be fluid though and if there are confirmations of continuation in bullish momentum, take advantage of shorter term long positions either to cover yourself or scalp a possible upward continuation.
Best of luck!
Supply areas are being meet and sellers might like this opportunity for an entry with objectives toward yearly lows.
I stand bearish and until the yearly lows aren't tested a second time, I will stick to short positions.
Be fluid though and if there are confirmations of continuation in bullish momentum, take advantage of shorter term long positions either to cover yourself or scalp a possible upward continuation.
Best of luck!
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