GOLD V Shaped Reversal but Still Bearish

1 min read
tarantula fx

tarantula fx

Head of Trading

Dear traders,

Gold has retraced a bit to the upside as V shaped reversal with W pattern took place at the bottom 1764.

Bears still have few more options. The first POC zone 1832-35 might reject the price to the downside else the resistance 1841 will be hit. However, if we see the price going further up watch for the 1850-56 zone where the Order block is. In both scenarios, GOLD might drop to 1802 which is 50.0 of the swing. Only above 1876 bulls will have the real power.

The Analysis has been done with the Black Widow system.

Good trading,
Nenad Kerkez

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