After 6 consecutive weeks of bullish candles, the gold finally closed with a bearish candle last week as it fell into a range between 1437 and 1383.
The gold plunged during NFP and was supported and pulled back sharply from a demand zone near 1390.
The gold was not able to keep breaking new high mainly because the US and China have called a truce for their trade war and also the dampening of more than one rate cut this year by the Fed.
However, the fact that the Fed can no longer raise rate, the trade war still exist and other global risks, the gold is still fundamentally strong and is expected to climb further in the very near future.
Traders can actually attempt to buy gold as soon as the market opens and support is still seen at 1390.
This is probably the point C of the Elliott wave correction after the 5th wave has ended at the high of 1438.
The gold plunged during NFP and was supported and pulled back sharply from a demand zone near 1390.
The gold was not able to keep breaking new high mainly because the US and China have called a truce for their trade war and also the dampening of more than one rate cut this year by the Fed.
However, the fact that the Fed can no longer raise rate, the trade war still exist and other global risks, the gold is still fundamentally strong and is expected to climb further in the very near future.
Traders can actually attempt to buy gold as soon as the market opens and support is still seen at 1390.
This is probably the point C of the Elliott wave correction after the 5th wave has ended at the high of 1438.
