Gold at $2370: Will Retrace to $2315 and Rebound to $2415
Gold shows initial signs of pullback from $2393 as momentum takes a breather.
Price action suggests cautious approach as probability of retracement towards breakout zone indicates retest of $2368 which may attract some buyers.
If this support is breached, look for another dop down to $2355-$2343-$2331
If selling persists beyond these areas, a deeper pullback extending to discounted zone 78.6% Fibonacci level $2315 can not be ruled out.
Bargain hunters and value buyers are very likely to resurface in anticipation of rebound reaching swing high $2393 and extending to next overhead resistance zone $2415
If this rally from $2315 reaches $2415, this may be a $100 up wave.
Price action suggests cautious approach as probability of retracement towards breakout zone indicates retest of $2368 which may attract some buyers.
If this support is breached, look for another dop down to $2355-$2343-$2331
If selling persists beyond these areas, a deeper pullback extending to discounted zone 78.6% Fibonacci level $2315 can not be ruled out.
Bargain hunters and value buyers are very likely to resurface in anticipation of rebound reaching swing high $2393 and extending to next overhead resistance zone $2415
If this rally from $2315 reaches $2415, this may be a $100 up wave.
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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.
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.