Gold saw a major rejection again this week at the weekly resistance of 1870. Gold is now on its way to test the weekly support of 1855, 1845 and 1830, the weekly closure was below the resistance of 1855, moreover the gains of the week were all lost on Friday and gold gave a negative weekly closing. Gold is currently oversold on smaller time frames but there is some room for correction on daily and weekly time frames. My idea is that gold is going to test the support of 1830 in coming weeks making lower highs and lower lows , the exhaustion in bulls is clear .i was already short at 1870, my idea is to take long position in this week at support of 1800 and 1830, while closing short positions.
If you like this or if you think the opposite of this or if there is any other opinion, mention it in the comments. I am open to all kind of suggestions and critics
If you like this or if you think the opposite of this or if there is any other opinion, mention it in the comments. I am open to all kind of suggestions and critics