Gold Drops to $2217: Where Next..? Decline or Rebound..?
After strong resistance from $2368 resistance zone that scared many short sellers out of the play, Gold eventually fell like a hot potato dropping straight to $2316.80 which is just inches away from 61.8% Fibonacci retracement level $2318 and settled the Day at $2321.
Though minor trend is bearish, a possibility of resumption of uptrend can not be ruled out if Gold starts recovery from current low $2317 or a tad lower 78.6% Fibonacci zone $2305
On recovery, immediate resistance $2327-$2332 is required to be cleared and main challenge a sustained break above $2340 for further advance.
Rebound possibility will be postponed if $2304 breaks to downside which eases the way to extended decline towards horizontal support $2386 followed by $2272-$2262-$2252
Note: Watch reaction to $2317 low
Disclaimer: This is not a trading advice. Do your own research before taking a trade.
Though minor trend is bearish, a possibility of resumption of uptrend can not be ruled out if Gold starts recovery from current low $2317 or a tad lower 78.6% Fibonacci zone $2305
On recovery, immediate resistance $2327-$2332 is required to be cleared and main challenge a sustained break above $2340 for further advance.
Rebound possibility will be postponed if $2304 breaks to downside which eases the way to extended decline towards horizontal support $2386 followed by $2272-$2262-$2252
Note: Watch reaction to $2317 low
Disclaimer: This is not a trading advice. Do your own research before taking a trade.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.