Gold Analysis Daily TF
As the Ukraine and Russia situation escalates, the volatility within the markets continue. Last week gold rallied and broke through multiple levels of resistance but was followed by a strong rejection and eventually a close below a key level of resistance.
As always, what goes up must come down and that is exactly the case with gold. I don't think Gold will continue bearish for too long though. I believe price is just correcting itself after that strong bullish run and the market is trying to find stability.
Keep in mind that tomorrow is the last day of the month and the monthly candle will be closing. I see Gold continuing its bearish momentum to retest 1870.15 or possibly 1850, where it will form support or reject, before continuing the bullish trend.
I am anticipating for tonight to continue the bullish retracement to form the next daily candle's wick, and then for price to continue bearish. Throughout the early parts of the week I think Gold will be bearish and then by the end of the week it will form support to prepare for a bullish run next week, unless some sort of news comes out to cause volatility once again. We will see during market open. As of now I see Gold bearish in the short term, but bullish long term.
1. Price has recently broken out of the range to retest a previous high and rejected
2. Price did create a higher high, but the close of the candle was back into this range
3. There is high probability that the next daily candle can continue the bearish momentum and potentially form support along 1870.150
4. If support if formed here after a bullish candle has printed, price can definitely continue bullish to retest the highs that were created.
As always, what goes up must come down and that is exactly the case with gold. I don't think Gold will continue bearish for too long though. I believe price is just correcting itself after that strong bullish run and the market is trying to find stability.
Keep in mind that tomorrow is the last day of the month and the monthly candle will be closing. I see Gold continuing its bearish momentum to retest 1870.15 or possibly 1850, where it will form support or reject, before continuing the bullish trend.
I am anticipating for tonight to continue the bullish retracement to form the next daily candle's wick, and then for price to continue bearish. Throughout the early parts of the week I think Gold will be bearish and then by the end of the week it will form support to prepare for a bullish run next week, unless some sort of news comes out to cause volatility once again. We will see during market open. As of now I see Gold bearish in the short term, but bullish long term.
1. Price has recently broken out of the range to retest a previous high and rejected
2. Price did create a higher high, but the close of the candle was back into this range
3. There is high probability that the next daily candle can continue the bearish momentum and potentially form support along 1870.150
4. If support if formed here after a bullish candle has printed, price can definitely continue bullish to retest the highs that were created.
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