Gold in testing support level
Overall downtrend with working in range till now
Weekly
In August was Year low therefore I assume price has a few of momentum
Daily
Breakdown from Range.
Bounce from yearly low was not so aggressive
Now, i assume price will move down to 1204 area to test Support level above.
4H
Franly I do not see signs of strong byuers market and therefore I am mostly bearish about price movemnt.
However, Gartley has been formed, I will wait how price will test 1204 area.
If it holds then price will sour up to 1230
If not then probably to downtrend will continue to 1180.
But since it is a year low then I expect lot of buyers and demand around weekly Support at 1180-1190
Weekly
In August was Year low therefore I assume price has a few of momentum
Daily
Breakdown from Range.
Bounce from yearly low was not so aggressive
Now, i assume price will move down to 1204 area to test Support level above.
4H
Franly I do not see signs of strong byuers market and therefore I am mostly bearish about price movemnt.
However, Gartley has been formed, I will wait how price will test 1204 area.
If it holds then price will sour up to 1230
If not then probably to downtrend will continue to 1180.
But since it is a year low then I expect lot of buyers and demand around weekly Support at 1180-1190
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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.