Okay so, on Friday we have seen day closing at 1741 with 1751 high. We can see that resistance is provided at 1750 level and is expected too as this region holds multiyear resistance.
So, we have taken a short here as we said in our last analysis on gold. But, on the other hand we need to keep in mind that gold is highly bullish and a little overstretched towards upwards. This trend will continue but this pullback will be needed to attract more buyers.
According to me, buyers must enter at 1700-1711 levels as there is the support of the trendline, and if price breaks from here then buyers might look to enter at 1670 levels approx.
But prices are more likely to rebound from 1711.
So, we have to take profit at 1711 range or at least moe stop loss to secure some profit. There are fewer chances that prices go below that level this time.
This may be the situation in gold at this time.
I hope you like this analysis of GOLD!!! :)
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Move your stop loss to entry position or book some profit by moving stop loss below your opened positions. Stay Tuned :)