Gold resuming the decline
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As discussed in last week posts and weekly analysis video also, price is resuming the decline cycle and seems like breaking down the rising wedge pattern, On Friday gold price tested the fib 50% level and now moving down , 2650-65 is the main resistance zone now and under this we can look for sell opportunities , today we have extreme narrow CPR which can add a very good one sided move, as I am holding sell trade from last week I am expecting a test near 2600 area first where I am planning to book profit partially from some positions because under 2600 we have weekly S1(2596) where we can expect a short bounce (but I do not want to buy as of now) and I want to hold rest of the sell entries towards 2530.
If bears managed to close the day under 2600 then this can add another confirmation for more decline.
If bears managed to close the day under 2600 then this can add another confirmation for more decline.
Dagangan aktif
Moving in sell side as predicted
Penerbitan berkaitan
Penafian
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