The downside is still continuing after short term bounce up
(subtitle)
Hello all,
In the last trading week, Gold did make a bounce up to the $1,966.206 price handle as the highs, so it had broken up the dropped base upper range, and attempted to get more higher highs, anyway the up momentum has been rejected and a downside starts of the first trading day of the week more clearer.
In the technical point of views, we still expect for a further swing lows as posted in our previous post to $ 1,850.xx USD price range, in case the support price zone below $1,915.xx USD has been broken down, and becomes as resistant zone, which yet in the recent time by updating this post it has been trading around.
Some important keys to watch this week:
1) the D1 candles have been formed by closing and opening in the previous trading days around $1,920.xx USD/ounce, which is the price handle we have to keep watching for today, namely when US trading session closed with D1 candle lower than the above mentioned price level, then the downfall is more confirmed;
2) Short for the short term trading any rebounce of Gold; risk zone is at $1,947.xx; target zone for short is at $1,850.xx;
3) It is not preferred to buy this week, because the up momentum in rebouncing is currently in a weak mode.
Take your look at the chart for more details.
Trade well!
TS