Gold Bear
I usually don't believe in the fundamentals that much. it's like an enzyme or catalyst which just speeds up the reaction, last week gold was in a wedge and there was a beautiful divergence in it, before the fomc member speech about rate hikes it was forming a pattern to fly if you see H1 you'll find out domain breakout whom tp1 was 1640 according to Fibonacci level and also it was the diagonal resistance of the wedge and it first it slightly reject but it was clearly bull market in a small time frame so it easily breaks it out and a beautiful retest has occurred till the demand area and recent support zone after that it flies to the next zone which is 52 to 54 area and it's forming a falling wedge in m15 whom upper trend line or diagonal resistance is about 60 to 61 also its the 50 percent retest zone of weekly from there I expect a slight rejection to the demand area of 40 to 44 and then expect to fly to the 80 area which is a considerable resistance zone.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.