We did get a successful attempt at 1780 on Friday, as expected, however the market quickly reversed after hitting a high of 1790 and ended the day around 1775. This formed a "shooting star" candlestick on the daily chart, which is a potential reversal pattern.
This morning, gold is under further selling pressure - the bulls need to hold the solid base formed above 1750 and the dip needs to be bought back up, as has been the case many times in the past few weeks, to prevent a more significant correction unfolding.
However, even if 1750 fails and a larger correction pans out, we expect much higher prices over the next 6-9 months.
This morning, gold is under further selling pressure - the bulls need to hold the solid base formed above 1750 and the dip needs to be bought back up, as has been the case many times in the past few weeks, to prevent a more significant correction unfolding.
However, even if 1750 fails and a larger correction pans out, we expect much higher prices over the next 6-9 months.