Hi Traders,
Last week Gold broke the Symmetrical Triangle and placed $1850 (100EMA).
Now Gold is in recovery phase and yesterday created Double bottom in 4h.
Moreover, Recovery momentum is Strong so we can see
some further levels for recovery.
$1888 (weekly PP) and $1894 as weak support.
$1904 (50EMA) with extnsn of $1912.
Thoughts: Gold dropped from $1956 area to $1950 and now its time for 50% recovery. Last time gold respected 100 EMA now its time to respect 50EMA (not a thumb rule).
where also trendline intersects in Daily time frame.
Last week Gold broke the Symmetrical Triangle and placed $1850 (100EMA).
Now Gold is in recovery phase and yesterday created Double bottom in 4h.
Moreover, Recovery momentum is Strong so we can see
some further levels for recovery.
$1888 (weekly PP) and $1894 as weak support.
$1904 (50EMA) with extnsn of $1912.
Thoughts: Gold dropped from $1956 area to $1950 and now its time for 50% recovery. Last time gold respected 100 EMA now its time to respect 50EMA (not a thumb rule).
where also trendline intersects in Daily time frame.
