So I usually don’t trade Gold but my BIAS on this pair for the upcoming week is NEUTRAL.
My reasons behind this are
-We have just broke above and retested a key Daily Resistance at 1527.11.
-We could continue up for a break above our previous Weekly Support/Resistance at 1570.65 then searching for a retest and targets at 1613.
-We also could reject 1570.65 for a push down to our previous Daily Resistance at 1527.11.
-We also break below previous Daily Resistance and search for a retest and targets of 1503.50 at our previous Demand Zone.
-One thing to note we haven’t came above 1570.65 since July 2011 so we could look at that to fuel whichever move we take.
I will not be looking to place any trades until one of these levels are either retested or broken.
Like & Follow for future updates and analysis.
My reasons behind this are
-We have just broke above and retested a key Daily Resistance at 1527.11.
-We could continue up for a break above our previous Weekly Support/Resistance at 1570.65 then searching for a retest and targets at 1613.
-We also could reject 1570.65 for a push down to our previous Daily Resistance at 1527.11.
-We also break below previous Daily Resistance and search for a retest and targets of 1503.50 at our previous Demand Zone.
-One thing to note we haven’t came above 1570.65 since July 2011 so we could look at that to fuel whichever move we take.
I will not be looking to place any trades until one of these levels are either retested or broken.
Like & Follow for future updates and analysis.