The gold has undergone a full week of consolidation after 550 pips plunged from the top of a 3-month rising channel.
According to the previous bullish wave, the current wave is very much overbought and the plunge seen on last Monday will most likely cause another bearish wave.
In this week, we will wait for the price to retrace higher and look for selling opportunity at the demand zone at 1522.
However, the long-term trend stays unchanged and the gold price is projected to reach 1620 by the end of 2019.
According to the previous bullish wave, the current wave is very much overbought and the plunge seen on last Monday will most likely cause another bearish wave.
In this week, we will wait for the price to retrace higher and look for selling opportunity at the demand zone at 1522.
However, the long-term trend stays unchanged and the gold price is projected to reach 1620 by the end of 2019.
