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Instrument: GOLD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1902.75 with take profit at 1906.65
Bearish Preference:
Sell position is envisaged if price trades below 1895.41 with take profit at 1892.60
Fundamentals:
No major Fundamental.
Comment:
Gold prices have went from feast to famine in a week. Just last Monday buyers were in-charge in a big way, pushing up for another test of the $2,000/oz psychological level that’s become somewhat of a stumbling block for Gold bulls of recent. Just after that hit, the flow changed on Gold as sellers started to take a stand. Prices then cut through all nearby supports on the way to brewing a bearish engulfing candlestick on the weekly chart. This put the focus back on the bearish side of Gold and given the massive spot of support that remained, there was a fairly clear objective for sellers to clear on the chart.
Analysis: SCRUM Team
