GOLD WEEKLY OUTLOOK (1/2/21)
Updated
Following last week's relatively accurate forecast (link below), here's the updated outlook for this week.
IMO a bearish trend is still in place after seeing a false breakout above trendline last week.
For this week, we may finally see a breakout from the 1830s and 1870s levels as the market has been ranging in this zone for quite some time. A bullish breakout will see price reaching 1900s level while a bearish breakout will see price reaching the 1800s. Any entries in the buy or sell zone has a nice risk reward ratio from a potential bullish/bearish breakout.
Personally, I'm more inclined to look for sells. I will continue to monitor price actions before making any entries.
Good luck and trade safe.
IMO a bearish trend is still in place after seeing a false breakout above trendline last week.
For this week, we may finally see a breakout from the 1830s and 1870s levels as the market has been ranging in this zone for quite some time. A bullish breakout will see price reaching 1900s level while a bearish breakout will see price reaching the 1800s. Any entries in the buy or sell zone has a nice risk reward ratio from a potential bullish/bearish breakout.
Personally, I'm more inclined to look for sells. I will continue to monitor price actions before making any entries.
Good luck and trade safe.
Note
Gold hit buy zone. Good time to buyNote
Finally the long anticipated bearish breakout occurs. We might be seeing 1860s soon where market is expected to range before hitting next support at 1840s.
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