Gold- Losses should be limited from this point
On Friday's analysis I said that I expect Gold to drop under 1800, what I didn't expect was for it to drop on Thanks Giving holiday...
Last night Gold made a new local low also on low liquidity and from this point, 1772 at the time of writing, I expect the losses to be very limited.
If we look at the chart we can see that, the first drop from 1960 had more than 1000 pips, the second around 700, the drop under 1800, 350 pips and the Asian session drop around 200.
Also, from 1960 the drop is in stairs with drop-consolidation, drop-consolidation without a meaningful correction from 2000 pips now.
From this point, Gold can turn in every minute and the bottom, at least for the short term, should be very close if not already in place.
I'm bullish on Gold in this context and expect it to revisit 1800 zone
Last night Gold made a new local low also on low liquidity and from this point, 1772 at the time of writing, I expect the losses to be very limited.
If we look at the chart we can see that, the first drop from 1960 had more than 1000 pips, the second around 700, the drop under 1800, 350 pips and the Asian session drop around 200.
Also, from 1960 the drop is in stairs with drop-consolidation, drop-consolidation without a meaningful correction from 2000 pips now.
From this point, Gold can turn in every minute and the bottom, at least for the short term, should be very close if not already in place.
I'm bullish on Gold in this context and expect it to revisit 1800 zone
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