Today we're going to share with you the weekly chart for Gold. Many of you who have been following us will know we have only been playing bearish on Gold and still holding positions from above. Well done to those who have followed us!
We can see the weekly is in a triangle formation as well as the early Aug wick now being 50% filled. We're at a support level here so we would expect this to technically retrace back up towards the 1750 price point. However, having said that, tomorrow is the last trading day of the month and the quarter so its extremely risky to trade this at this price point. How they close the weekly candle will indicate what we can potentially expect for the remainder of this year. We've attached below the daily chart we have been sharing with the levels we were looking at. We are now into that liquidity area where if the price breaks through then we could be looking at beginning Oct with more bearish pressure on Gold.
We're already in positions that have been protected and we've taken profits of the table. Tomorrow we are likely not to enter any trades on Gold, rather observe what the market does.