Gold at $2400: Outlook for the Week Ahead
Gold recorded new all time high at $2483 and faced strong headwinds to fell significant $90 from high to test $2393 before settling at $2400
Breaching $2393 calls for extended correction to $2388-$2383 while 4 hour time frame chart shows 8 continuous bearish candles indicating oversold conditions calling for interim rebound towards $2413-$2426-$2440 while $2440 may be considered as turning point for further upside towards $2450
Note: Immediate trend remains bearish as long as resistance $2440 is not cleared with day close above the zone.
Disclaimer: This is author's own observation based on price action and in no way means trading recommendation.
Breaching $2393 calls for extended correction to $2388-$2383 while 4 hour time frame chart shows 8 continuous bearish candles indicating oversold conditions calling for interim rebound towards $2413-$2426-$2440 while $2440 may be considered as turning point for further upside towards $2450
Note: Immediate trend remains bearish as long as resistance $2440 is not cleared with day close above the zone.
Disclaimer: This is author's own observation based on price action and in no way means trading recommendation.
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