Market has been consolidating this week so far - investors awaiting US CPI data later today. Technically Gold seems to be completing the 5th wave of the ABC correction seen on the 4hr chart along with testing the 88.6% Fibonacci level yesterday.
We have now liquidated today's Asia session high and now rolling over. I am currently running a short position based on the liquidation of the asia high and lack of momentum to the upside. With today's news on the main stage - this could be the catalyst the bears have been waiting for to take gold to the downside and continue the downtrend seen from the start of this year. I would be initially targeting the lows printed at the start of the month and the 1750 handle. Any correction there and further downside would be expected - otherwise with current global tensions a sharp rebound could be expected.
See chart on higher timeframes for further confluences, good luck to all who are trading today!
Update from my previous post - gold has dropped as expected and much more!
We have now liquidated today's Asia session high and now rolling over. I am currently running a short position based on the liquidation of the asia high and lack of momentum to the upside. With today's news on the main stage - this could be the catalyst the bears have been waiting for to take gold to the downside and continue the downtrend seen from the start of this year. I would be initially targeting the lows printed at the start of the month and the 1750 handle. Any correction there and further downside would be expected - otherwise with current global tensions a sharp rebound could be expected.
See chart on higher timeframes for further confluences, good luck to all who are trading today!
Update from my previous post - gold has dropped as expected and much more!