Gold at support- But is too obvious... (update)
Updated
In my morning video analysis, I noted that after yesterday's strong bearish engulfing candle, the most likely scenario was a continuation of the down move, with the next support level identified around the 2660-2665 zone.
The price indeed reached this area, but I believe this support is too obvious and likely to break, instead of a meaningful reversal.
At this point, it is very risky to trade against the flow.
A more prudent approach would be to wait for rallies and consider selling at higher levels.
The price indeed reached this area, but I believe this support is too obvious and likely to break, instead of a meaningful reversal.
At this point, it is very risky to trade against the flow.
A more prudent approach would be to wait for rallies and consider selling at higher levels.
Trade active
As explained in the analysis, there is a high chance of a break under 2660 zone support.
Indeed, the market broke and closed the week at 2648, also leaving a Pin Bar on our weekly chart
Next week we need to focus on selling rallies and the focus is on 2610 support
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