Gold at $2370: Will Retrace to $2315 and Rebound to $2415
Gold shows initial signs of pullback from $2393 as momentum takes a breather.
Price action suggests cautious approach as probability of retracement towards breakout zone indicates retest of $2368 which may attract some buyers.
If this support is breached, look for another dop down to $2355-$2343-$2331
If selling persists beyond these areas, a deeper pullback extending to discounted zone 78.6% Fibonacci level $2315 can not be ruled out.
Bargain hunters and value buyers are very likely to resurface in anticipation of rebound reaching swing high $2393 and extending to next overhead resistance zone $2415
If this rally from $2315 reaches $2415, this may be a $100 up wave.
Price action suggests cautious approach as probability of retracement towards breakout zone indicates retest of $2368 which may attract some buyers.
If this support is breached, look for another dop down to $2355-$2343-$2331
If selling persists beyond these areas, a deeper pullback extending to discounted zone 78.6% Fibonacci level $2315 can not be ruled out.
Bargain hunters and value buyers are very likely to resurface in anticipation of rebound reaching swing high $2393 and extending to next overhead resistance zone $2415
If this rally from $2315 reaches $2415, this may be a $100 up wave.
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