Gold may move upward from the support level of 2155. Support levels in financial trading are price levels at which an asset tends to find support as it falls, meaning the price is more likely to bounce off this level rather than break through it.
With the dollar steadying in decline, this will push the gold up to the previous high.
From 2155 to 2158 range, we are seeing strong buying demand.
Scenario 1:
Gold retracement to 2167 (0.618 - 0.782) of Fib, before making the up trend.
Scenario 2:
Gold retracement to 2155 range before the uptrend.
We are likely to see a retracement in the Asia session, with london pushing it higher.
With the dollar steadying in decline, this will push the gold up to the previous high.
From 2155 to 2158 range, we are seeing strong buying demand.
Scenario 1:
Gold retracement to 2167 (0.618 - 0.782) of Fib, before making the up trend.
Scenario 2:
Gold retracement to 2155 range before the uptrend.
We are likely to see a retracement in the Asia session, with london pushing it higher.