GOLD has reached key support

Our expectations: D1 Mid-term downward movement has reached strong support. Our expectations are to have a bearish trend correction.

SL: 1236.00

Comment: The price reaches strong support: 38.2% of Fibonacci, which is built on the weekly upward trend and to a highly horizontal weekly level. Just below these levels is a very diagonal level.

On the D1 is formed a reversing candle, a blower provided that the price is closed above the levels.

DeMarker’s weekly chart is in the area below 0.3, today on the daily chart the indicator turns, at 4 H we have a signal from the oscillator.

There is yet another market day this week, so it’s better to wait early next week.

Alternative Scenarios: In a breakthrough, test, and repulsion, we will look for new short positions.

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