Preferred direction: SELL
Comment: The week for gold begins with another update to its historical maximum. At the moment, the market is witnessing a climax of buying, against which a downward reversal can be expected. The approximate reversal area is located at the level of 2300. According to scenario №1, a movement towards this level is expected before a fall.
Scenario №2 assumes a fall from current prices, but this is an unlikely scenario. In principle, taking a short position in the medium term is relevant already at current prices. In both cases, the target for the fall is located at the level of 2200.
Additional comments on this trade will be provided as situation changes. Follow us!
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Comment: The week for gold begins with another update to its historical maximum. At the moment, the market is witnessing a climax of buying, against which a downward reversal can be expected. The approximate reversal area is located at the level of 2300. According to scenario №1, a movement towards this level is expected before a fall.
Scenario №2 assumes a fall from current prices, but this is an unlikely scenario. In principle, taking a short position in the medium term is relevant already at current prices. In both cases, the target for the fall is located at the level of 2200.
Additional comments on this trade will be provided as situation changes. Follow us!
Thank you for like and share your views!
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