Last week I mentioned about watching how the week will close and what candle it will form. So it has formed a bearish Hammer (red bodied). Even though, it isn't sometimes considered as a reversal, I think this time it could be.
Certainly, it is difficult to say right now, until we test that steep trend line, from which Gold has bounced of last week. I think that level will be key.
For now, I believe we might get a bit lower, to about 1280 level. Then we will have to re-assess the situation and have a better look on what it wants to do.
As always, keep an eye on the price action!
Certainly, it is difficult to say right now, until we test that steep trend line, from which Gold has bounced of last week. I think that level will be key.
For now, I believe we might get a bit lower, to about 1280 level. Then we will have to re-assess the situation and have a better look on what it wants to do.
As always, keep an eye on the price action!
