Gold weekly update 08.08-12.08
This week we will see some down moves and still it could be only a retracement. My bias is neutral
Confirmations for bearish bias:
1- Price react very strong of the long term channel
2- Last week price close and probably will open under the pivot range
3- Gold broke short term low
4- Gold already make 3 waves up
Confirmations for bullish bias
1- Price couldn't break the market structure
2- After 3 waves up, comes 2 waves correction
3- Price is still contain in short term up channel
4- Gold left a lot of liquidity at the buy side - double top, trend line, it my not close entirely the current gap.
5- 1800/1805 level was not reached - very strong resistance
If price close under 1750, probably will test 1680.
If price could not break strongly 1750, probably we will see prices above 1800
Confirmations for bearish bias:
1- Price react very strong of the long term channel
2- Last week price close and probably will open under the pivot range
3- Gold broke short term low
4- Gold already make 3 waves up
Confirmations for bullish bias
1- Price couldn't break the market structure
2- After 3 waves up, comes 2 waves correction
3- Price is still contain in short term up channel
4- Gold left a lot of liquidity at the buy side - double top, trend line, it my not close entirely the current gap.
5- 1800/1805 level was not reached - very strong resistance
If price close under 1750, probably will test 1680.
If price could not break strongly 1750, probably we will see prices above 1800
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