Hi all,
Gold is going very strong for the last 2 weeks, but there is not a significant correction. For short term trading, 1h graph gives us some clue.
First of all, it closed below the resistance area which is weakness and TD Sequential counting is already at "8"(At "9" it will give us short signal).
From the other side, there is a double bottom formation drawn by orange. Its target is around 1909 area which is also another fractal resistance area. If formation works properly after reaching 1909 i expect it to decrease.
Beside this, DXY has positive trend and this week i expect it raise which will effect gold price negatively.
This is not a financial advice.
Gold is going very strong for the last 2 weeks, but there is not a significant correction. For short term trading, 1h graph gives us some clue.
First of all, it closed below the resistance area which is weakness and TD Sequential counting is already at "8"(At "9" it will give us short signal).
From the other side, there is a double bottom formation drawn by orange. Its target is around 1909 area which is also another fractal resistance area. If formation works properly after reaching 1909 i expect it to decrease.
Beside this, DXY has positive trend and this week i expect it raise which will effect gold price negatively.
This is not a financial advice.