Following a somewhat calm atmosphere concerning US-Iran relations, Gold has seen a decline in price from its very strong initial bullish run. It goes without saying that a pullback is imminent and may even lead to a reversal towards 1526.90 which will serve as the first bearish target.
As price stands at the moment, bullish pressure is strongly within the market and the bulls will gain the upper hand upon the breach of 1562.44. This is backed by the formation of the inverse heads and shoulders on the Hourly Timeframe.
The ZOI (Zones Of Interest) further highlight potential areas where buying pressure may occur with the nearest one being 1551.90 (Right Shoulder). For now, all technical indicators lean towards a bullish Gold up until 1578.95 where i will update further once price reaches in and around these level.
As price stands at the moment, bullish pressure is strongly within the market and the bulls will gain the upper hand upon the breach of 1562.44. This is backed by the formation of the inverse heads and shoulders on the Hourly Timeframe.
The ZOI (Zones Of Interest) further highlight potential areas where buying pressure may occur with the nearest one being 1551.90 (Right Shoulder). For now, all technical indicators lean towards a bullish Gold up until 1578.95 where i will update further once price reaches in and around these level.
Trade active
Price moving as anticipatedNote
SL hit since price was showing signs of a continued decline but reversed. We should now see the steady rise back towards 1562.44 where the weeks analysis made should play out
Note
Still choppy price action on this. Waiting for a move towards 1562.01 for the next course of action to be taken
Note
1562.01 has now been broken. Target of 1578.95 is now in sight.
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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.