Looking at Gold price action it broke out of a daily major downward trendline together with daily support. It rallied up and currently it is now retracing, here short term sells will be facilitated. As seen by the grey supply and demand zones we expect Gold to retest the previous zone it broke through as it has not re-tested this zone yet. Just below this zone also happens to be a 38.2 fib retracement level which will be a safe spot to put SL below as we ultimately place long term buys to ride Gold all the way up to previous high.
Note
Analysis was spot on, Gold retraced and retested the zone it previously broke through before it rallied up. ✔
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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.