Gold- Almost hit 1900, now what?
Yesterday was a pretty good day for Gold bulls, with the yellow metal fulfilling my prediction and almost touched 1900 (also making a good profit on the way), so we may wonder "no what?".
In my opinion, after such a bull run, a correction is necessary and with 1900 being both technical (horizontal level) and psychological level, I expect this zone to attract a lot of selling pressure, either is closing long positions and booking profit or short term traders that try to catch 250-300 pips on the downside.
That being said, I will try to sell rallies in that zone and the price could fall to retest at least 1875 now support
In my opinion, after such a bull run, a correction is necessary and with 1900 being both technical (horizontal level) and psychological level, I expect this zone to attract a lot of selling pressure, either is closing long positions and booking profit or short term traders that try to catch 250-300 pips on the downside.
That being said, I will try to sell rallies in that zone and the price could fall to retest at least 1875 now support
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