The gold closed with a bearish weekly candle for the first time in 5 weeks amid a weakening dollar due to a weaker US labour market.
The price was able to find support at the current equilibrium level and recovered quickly before the week ended.
However, it was resisted at 61.8% of the Fibo level based on the most recent bearish wave which could potentially cause another short-term sell.
This week, we could look for a selling opportunity from the current price of 1890 and target 1873 at the beginning.
But going forward, since we are still seeing support from both the equilibrium level and the bottom of the 2-month rising channel, we will continue to buy the pullback as soon as 1883, followed by 1873.
The price was able to find support at the current equilibrium level and recovered quickly before the week ended.
However, it was resisted at 61.8% of the Fibo level based on the most recent bearish wave which could potentially cause another short-term sell.
This week, we could look for a selling opportunity from the current price of 1890 and target 1873 at the beginning.
But going forward, since we are still seeing support from both the equilibrium level and the bottom of the 2-month rising channel, we will continue to buy the pullback as soon as 1883, followed by 1873.
