Short-time downtrend and long-term uptrend is still working
Updated
Confirming last analysis we are in a very nice retracment pattern in Gold.
As we expected down trend worked and price came towards its last big support of 1861usd.If you are intraday trader note carefully that downtrend is still working and and high is just a retracment.
As you can see in my daily chart we have a nice unbroken demand zone 1790to1816 and a strong support zone inside that.
I personally will be waiting to open long position there.
If you areusing 4h timeframe or less, you can sell for short-time but be careful about long term trend. It is heavily uptrend.
As we expected down trend worked and price came towards its last big support of 1861usd.If you are intraday trader note carefully that downtrend is still working and and high is just a retracment.
As you can see in my daily chart we have a nice unbroken demand zone 1790to1816 and a strong support zone inside that.
I personally will be waiting to open long position there.
If you areusing 4h timeframe or less, you can sell for short-time but be careful about long term trend. It is heavily uptrend.
Note
this analyze is valid yet.
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