Gold possible pullback
Hello Traders
Happy Holidays!
Gold started the week with a bullish move and gap up. The next critical resistance is seen at the Fibonacci 23.6% one-week at $1815, which if broken can lead gold to $1820.
The previous week’s high at $1825 is the level to beat for gold bulls for further gains before the end of 2022.
$1804 offers immediate support to gold buyers. A firm break below would allow commodity sellers to test $1800 and $1797. The next downside level is seen at 200 Daily Moving Average (DMA) at $1782.
We are considering selling gold as long as long as it is below $1820 - $1825 supply zone. Slow movement and consolidation are expected due to thin liquidity in the market this week.
Happy Holidays!
Gold started the week with a bullish move and gap up. The next critical resistance is seen at the Fibonacci 23.6% one-week at $1815, which if broken can lead gold to $1820.
The previous week’s high at $1825 is the level to beat for gold bulls for further gains before the end of 2022.
$1804 offers immediate support to gold buyers. A firm break below would allow commodity sellers to test $1800 and $1797. The next downside level is seen at 200 Daily Moving Average (DMA) at $1782.
We are considering selling gold as long as long as it is below $1820 - $1825 supply zone. Slow movement and consolidation are expected due to thin liquidity in the market this week.
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