Gold Should Drop In Order to Provide Fresh Buyers

2 min read
Nenad Kerkez

Nenad Kerkez

Head of Trading

Dear Traders,

Gold is ranging. The market is not ideal as the range play doesn’t show any potential trading setups. However the price should drop as new buyers will emerge.

If 1705 holds then we might be seeing a drop lower to the W L3 zone. 1650-60 is the zone where price might bounce towards 1695 and 1705. However if the market closes above 1705 without a retracement lower, then bulls might get the upper hand again and target 1722. The price is overall bullish but a temporary relief could be useful as fresh buyers will emerge at the better price.

The analysis has been done with the CAMMACD system.
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Many green pips,
Nenad Kerkez aka Tarantula FX
Elite CurrenSea

 

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