Gold Under Pressure

NFP took Gold Short as USD retained strength against Metals despite mixed data. Currently Gold are resting in Support Zone ( 1382.58 - 1378.96), break of these support zone may see Gold
going further short and retesting recent Lows at 1360 and 1345. With current momentum Gold remain under-Pressure if current support break , another sharp dip is on the cards otherwise expect a slow rise to upwards.

For Intraday Traders, Upon break of current support go Short otherwise wait till clear signal for Long.


Sardar Uddin
TradeCuts

ABCD pattern formed od D1. Longer term trade.


I think we may hit the $1,500 level before correcting back down. I just don’t see any reason for gold not to rally further into its next heavy resistance level.

Sure long term bias is bullish, but I guess some correction on the way up has to occur. And this seems to me reasonable place where it could happen. I definitely do not expect so deep correction as it could be read from my TP.

BTW 1506 is 1.618 extension vertex for alternate ABCD. It does almost perfectly fit with your prediction.