On the daily chart we clearly see the break and retest of the minor trend line. Also, we can see the “SL hunting” by market movers. However, we still see the clear impulse correction and then we (I) are still expecting to see the second phase of impulse to create the lower low. We can also see the retest of the orange long-term trend line and we have rejected nicely to the downside.
I personally think the ultimate short term destination is the blue long term trend line.
On the 4hr chart there looks to be a resistance at 1812.80 where price broke above and retraced back under.
On the 1hr we see the break and retest clearly. This could be the beginning of the impulse to the next lower low.
Note: there is an existing and strong support at 1791.50. will be watching how price reacts at this level to exit, continue or change my bias.
On the flip side,
This is gold, it can move on higher based on news reports.
Trade with caution
I personally think the ultimate short term destination is the blue long term trend line.
On the 4hr chart there looks to be a resistance at 1812.80 where price broke above and retraced back under.
On the 1hr we see the break and retest clearly. This could be the beginning of the impulse to the next lower low.
Note: there is an existing and strong support at 1791.50. will be watching how price reacts at this level to exit, continue or change my bias.
On the flip side,
This is gold, it can move on higher based on news reports.
Trade with caution
