Gold is currently in consolidation and is moving in a tight range.
We are approaching the end of the month and end of the Quarter this week. Also, we have NFP this Friday.
Seasonality suggests that Gold is bullish during this period and Gold has done a significant retracement from June high. However, we need to be cautious as we could get a final flush out with a quick drop to the 1750-1710 zone in the last few days of the Quarter and Month.
If Gold remains within the consolidation zone highlighted on the chart until the end of June we are likely to resume the bullish trend from July and attempt to take out the all-time high by September.
If Gold breaks below 1750 and then finds 1750 as a resistance we are likely to work towards taking out liquidity below the double bottom at 1670.
The safest option is to not trade Gold this week and wait for a clear direction.
We are approaching the end of the month and end of the Quarter this week. Also, we have NFP this Friday.
Seasonality suggests that Gold is bullish during this period and Gold has done a significant retracement from June high. However, we need to be cautious as we could get a final flush out with a quick drop to the 1750-1710 zone in the last few days of the Quarter and Month.
If Gold remains within the consolidation zone highlighted on the chart until the end of June we are likely to resume the bullish trend from July and attempt to take out the all-time high by September.
If Gold breaks below 1750 and then finds 1750 as a resistance we are likely to work towards taking out liquidity below the double bottom at 1670.
The safest option is to not trade Gold this week and wait for a clear direction.