GOLD
Gold prices extended their downtrend on Thursday and probed the 1940$ area. However, the downtrend is due to shrinking volume and open interest, suggesting that a more prolonged decline seems unlikely for the time being. So far, there seems to be good support around 1,930$ Even if Gold Price surges past the 1,946$ level, the 38.2% Fibonacci level on the Daily chart could propel the bulls closer to 1,948$ before highlighting the 1,950$ upside. .
It's worth noting that gold's rally beyond 1,950$ is still not a free path for the bulls because of the previous daily high and one-week Fibonacci 38.2%, near 1,965$, can also check buyers GOLD.
However, in my opinion, I predict that
GOLD
will bounce up to the 1943$-1946$ zone, then we have a short selling
GOLD
contract around 1943$-1946$. My expectation is that
GOLD
will fall back to 1930$ Stop loss around 70pip per trade
