Gold recorded new all time high at $2483 and faced strong headwinds to fell significant $90 from high to test $2393 before settling at $2400
Breaching $2393 calls for extended correction to $2388-$2383 while 4 hour time frame chart shows 8 continuous bearish candles indicating oversold conditions calling for interim rebound towards $2413-$2426-$2440 while $2440 may be considered as turning point for further upside towards $2450
Note: Immediate trend remains bearish as long as resistance $2440 is not cleared with day close above the zone.
Disclaimer: This is author's own observation based on price action and in no way means trading recommendation.
Breaching $2393 calls for extended correction to $2388-$2383 while 4 hour time frame chart shows 8 continuous bearish candles indicating oversold conditions calling for interim rebound towards $2413-$2426-$2440 while $2440 may be considered as turning point for further upside towards $2450
Note: Immediate trend remains bearish as long as resistance $2440 is not cleared with day close above the zone.
Disclaimer: This is author's own observation based on price action and in no way means trading recommendation.
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.
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.