Red zone has previously been used as strong support, but is now been used as resistance, tie this in with the lovely trendline that has formed and that price is currently sitting at we can only see bearish movement.
In the closing hours on Friday gold had a lovely bearish push, we expect this downside movement to continue into the start of next week and price has a very good chance of reaching our target zone ( green box ) before making another bullish run.
Long term on gold we are bullish but we think we can make 200+ pips from this pullback.
In the closing hours on Friday gold had a lovely bearish push, we expect this downside movement to continue into the start of next week and price has a very good chance of reaching our target zone ( green box ) before making another bullish run.
Long term on gold we are bullish but we think we can make 200+ pips from this pullback.