Gold 0.02% has come back into the sell zone of its counter trend line discussed on Friday. The metal could be presumed to be just retracing its previous swing between $1189 and $1207 levels for now, but please remain open towards a potential push lower. We have been discussing the probability of Gold 0.02% finding support around $1185 levels before resuming rally and the hourly chart story seems to be supporting the above view. Overall, the $1180/85 regions could be defined as a support zone for the yellow metal to bounce from. It is safe to assume that Gold 0.02% potential rally towards $1250/70 levels remain structurally intact for now.
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Disclaimer:
This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.