Commodities GOLD Technical Analysis | Our expectations:
An upward trend and a probability that the correction will continue to 61.8 Fibonacci or the zone between 1251 – 1257, where we can look for long positions with stop loss at 1245.00.
DeM (14) is not yet in a highly oversold market – the downward movement is likely to continue to the buy zone.
DeM Sequential has counted up to 4, and here is a good time to wait until the 9th bar for a reversal.
The zone between 1251 and 1257 is over supported where we can expect false breakthroughs.
Currently, the price is on a short-term low, making short positions unprofitable.
Alternative scenario: Breakthrough below 61.8 Fibonacci will probably lead to a new drop in the price of the precious metal and a price of $ 1200 per ounce are not excluded.
Trader Nikolay Georgiev