GOLD is Ranging for both Bulls and Bears
May 12, 2021
2 min read
Dear traders,
Gold is ranging which means that both bulls and bears could profit from intraday trades.
1766-1775 is the zone where longs are waiting. I don’t think there will be enough momentum to cover for strong moves to the zone, but with gold you never know. At this point what we can see is the price in the selling zone 1834-35. If bears can get the price below 1830, then 1825 is next. Below that level we should see a move down towards 1800 and lower. It will also depend on the US CPI result today due to strong correlation between the US inflation and GOLD.
The Analysis has been done with the Black Widow system.
Good trading,
Nenad Kerkez
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