Gold- Latest Technical Forecast: Where Next..? $1931 or $1991
As Gold broke $1962 important 23.6% Fibonacci Level and dropped to $1944 before a sluggish rebound to support turned resistance $1960, traders await reaction to this zone.
Though structure becomes weak and momentum turns bearish, any consolidation above $1962 will put Gold back into Bullish path resuming uptrend which has initial challenge at $1968-$1972 followed by $1986
Failure to make sustainable break above $1962 and $1968 will prompt a quick break below $1952 and retest of $1944 swing low which is acceleration point to further downside to test next Fibonacci Level of 38.2% at $1931 and extend to $1926
Upcoming US Consumer Confidence Data will impact Gold's direction significantly.
Note: This projection is based on price action and does not claim to be a Trading Recommendation.
Though structure becomes weak and momentum turns bearish, any consolidation above $1962 will put Gold back into Bullish path resuming uptrend which has initial challenge at $1968-$1972 followed by $1986
Failure to make sustainable break above $1962 and $1968 will prompt a quick break below $1952 and retest of $1944 swing low which is acceleration point to further downside to test next Fibonacci Level of 38.2% at $1931 and extend to $1926
Upcoming US Consumer Confidence Data will impact Gold's direction significantly.
Note: This projection is based on price action and does not claim to be a Trading Recommendation.
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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.