Gold : More room for correction/ Decline
So finally gold entered into correction phase and seems like there is more room for decline in this correction cycle :
Today CPR is descending and the last day candle is a good bearish candle and as discussed in yesterdays update the area around 2620-30 is a support zone with high volume and price is currently tested this zone and bouncing on Intra day but in Higher side we have descending CPR + Dynamic Trend Line resistance + FIB Resistance zone (2655-2662 for current cycle till last day), so under these resistance we can still look for sell opportunities towards weekly S1(2616) or low near 2600.
Currently I am watching chart on FXCM data feed and there maybe difference in levels that I am sharing : Let me know in if you see some changes /difference.
Today CPR is descending and the last day candle is a good bearish candle and as discussed in yesterdays update the area around 2620-30 is a support zone with high volume and price is currently tested this zone and bouncing on Intra day but in Higher side we have descending CPR + Dynamic Trend Line resistance + FIB Resistance zone (2655-2662 for current cycle till last day), so under these resistance we can still look for sell opportunities towards weekly S1(2616) or low near 2600.
Currently I am watching chart on FXCM data feed and there maybe difference in levels that I am sharing : Let me know in if you see some changes /difference.
Note
Under Fib Golden Zone (2655-62) sell is still valid : Invalidation of sell is H4 closing above 2662
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