In my previous analysis, we managed to enter a perfect trade. We managed to enter at the top and sell at the top if follow according to this plan. If you have yet to check out of my previous analysis, do check it out as this will be a continuation. As I mentioned, gold will potentially see a rejection off 1895+ price level as there is a strong resistance line there as well as 161.8% fib level. There is great BEARISH pressure on gold as price is currently heading towards that zone. I will be expecting a retracement to minimally 1862 price level and potentially a BIG retracement bringing gold price back to 38.2% fib level (1796-1800 price level). Having said that, we should be looking out for a clean breakout at 1862 price level. Overall, I am BEARISH for gold.
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Kindly hit the LIKE Button if you agree with my analysis and feel free to COMMENT your idea below. As for those who are keen to get daily updates and analysis from me feel free to FOLLOW me. Cheers and Happy Trading!!
