Gold to be monitor for sell opportunity
Gold signaling reversal from the recent extended buy on higher timeframe with both weekly and daily chart are showing selling pressure.
On Friday, we have seen H4 showing sign of buying. However, on the D1 ,the overall still sell bias. We are waiting for H4 to provide a confirmation on buy reversal signal with small candle to indicate sell.
Overall if gold fall below $2,335. We would retest range support at $2,280 and potential target at previous breakup of $2,185.
On M15 timeframe, gold hitting a resistance at current price, however, if trend not yet confirmed reversal on H4, gold could hit $2,370
On Friday, we have seen H4 showing sign of buying. However, on the D1 ,the overall still sell bias. We are waiting for H4 to provide a confirmation on buy reversal signal with small candle to indicate sell.
Overall if gold fall below $2,335. We would retest range support at $2,280 and potential target at previous breakup of $2,185.
On M15 timeframe, gold hitting a resistance at current price, however, if trend not yet confirmed reversal on H4, gold could hit $2,370
Note
Given gold didn't reverse on H4, prices move into 2,370 before a sharp reversal back to price at start of week of slightly below 2,333.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.