GOLD (XAU/USD) – Week 49 – More correction to follow.
Hello traders,
As you can see, after the downtrend that began in mid-November, Gold finally started to make a consolidation. We see this move to act as a trigger for further bearish sentiment.
Having said that, we are expecting the price to increase in the short-term and reach the resistance area highlighted on the chart. After that we will study the price action to see if we will continue making a complex pattern, or if we’ll go back down and break the previous low located at $1760.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
As you can see, after the downtrend that began in mid-November, Gold finally started to make a consolidation. We see this move to act as a trigger for further bearish sentiment.
Having said that, we are expecting the price to increase in the short-term and reach the resistance area highlighted on the chart. After that we will study the price action to see if we will continue making a complex pattern, or if we’ll go back down and break the previous low located at $1760.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
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