Gold has become very, very bearish (weekly outlook)
A strange but clarifying first trading week for Gold...
Gold has started the year strong, breaking above the descending trend line and important psychological and horizontal 1900 resistance just to give up gains and, what at first appeared to be a correction, proved to be a major reversal with a false break.
In the long term, I expect this drop to continue to at least 1700 and, swing traders should look for selling opportunities on very probable rallies at this point. One very good point for selling for patient traders can be 1875 zone, trade that can have a great R: R of at least 1:4.
In the short term though, Gold dropped around 1300 pips in 3 days and a corrective rally is very probable at this point. Dips towards 1825 should be bought and a comfortable and probable target for scalpers and short term traders can be at least 1850
Gold has started the year strong, breaking above the descending trend line and important psychological and horizontal 1900 resistance just to give up gains and, what at first appeared to be a correction, proved to be a major reversal with a false break.
In the long term, I expect this drop to continue to at least 1700 and, swing traders should look for selling opportunities on very probable rallies at this point. One very good point for selling for patient traders can be 1875 zone, trade that can have a great R: R of at least 1:4.
In the short term though, Gold dropped around 1300 pips in 3 days and a corrective rally is very probable at this point. Dips towards 1825 should be bought and a comfortable and probable target for scalpers and short term traders can be at least 1850
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
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