Gold- Great volatility, does this change anything?
Gold started the week with an aggressive tone... After reaching 1906 top XauUsd had a spectacular drop of no less than 500 pips just to recover and close the day above 1875 short term support. So, does this change anything? In my opinion, no, and Gold remains strongly bullish in the medium term.
From a technical perspective, yesterday's drop stopped in the strong support zone from 1850-1860 zone, horizontal support that is confluent with the trend line drawn from 1765 low and, as long as the price stays above this zone on a daily close bases, the bullish scenario is still intact.
On the short term, dips should be bought and 1905 zone could be the target for short term traders
From a technical perspective, yesterday's drop stopped in the strong support zone from 1850-1860 zone, horizontal support that is confluent with the trend line drawn from 1765 low and, as long as the price stays above this zone on a daily close bases, the bullish scenario is still intact.
On the short term, dips should be bought and 1905 zone could be the target for short term traders
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