Gold sold off hard on Friday - after attempting to form a "double bottom" around 1730, the selling pressure was too much and the price fell all the way back down to support at 1718.
Overnight, the price made a new low around 1714, though the RSI on the 1 hour chart was higher than the previous low, so we may see a very short term bounce here. However, the price has turned lower from 1725 already which does not bode well for an extended rebound.
Today's video looks at the strategy for our next trade and how we will identify when a tradeable bottom is in place.
Overnight, the price made a new low around 1714, though the RSI on the 1 hour chart was higher than the previous low, so we may see a very short term bounce here. However, the price has turned lower from 1725 already which does not bode well for an extended rebound.
Today's video looks at the strategy for our next trade and how we will identify when a tradeable bottom is in place.