Gold

GOLD V Shaped Reversal but Still Bearish

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 diwnside else the resistance 1841 will be hit. However, if we see the price going further up watch for 1850-56 zone where Order block is. In bothe scenarios, GOLD might drop to 1802 which is 50.0 of the swing. Only above 1876 bulls will have the real power.

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Published by

Nenad Kerkez

Nenad Kerkez is an analyst and trader who has been in the market since 2008 and works closely with Admiral Markets as their Senior Lecturer and Market Analyst. Nenad covers over 25 currencies on an intraday basis and has a Masters in economics. He also developed CAMMACD TM, a proprietary trading and analysis strategy wit ever powerful pre fact setups that you can read every day. Nenad is also a valuable presenter on various FX EXPO shows, where he always presents new and interesting ways how to trade price action and protect your own investments. Further, he is the co-founder and head of Elite Currensea Trading, an educational website for currency traders.