In my video yesterday, I mentioned a possible upward continuation for gold and identified 2355 as the buy zone. Indeed, the price reversed upward precisely from that zone and reached a local high of around 2388. However, the rise after breaking the resistance is overlapping, indicating selling at higher levels. Additionally, the recent upward movement is contained within a rising wedge, suggesting a potential reversal.
My strategy is to sell rallies around 2400, targeting a level near yesterday's low. In the longer term, if the bulls are unable to maintain the 2350 zone, there is still the possibility of a drop below 2300.
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Gold dropped hard before NFP putting in a major false break that led to the break of the wedge's support
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NFP has added a huge drop for Gold today and, at the time of updating, the daily dive is more than 650 pips. Also, looking at the weekly chart, we also have a huge Pin Bar in place. With an overall structure strongly bearish, the adds for a drop to 2200 are huge
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