• August 20, 2022 01:28

Vidtube

Top Magazine

Gold, as we expected, a bearish price explosion that achieved a deep correction, and these are the most important opportunities

Aug 9, 2021
Gold, as we expected, a bearish price explosion that achieved a deep correction, and these are the most important opportunities

Gold, as we expected, a bearish price explosion that achieved a deep correction, and these are the most important opportunities

The sharp decline and the free fall that gold was exposed to during the first trading sessions of this week did not deviate from the expectations that we published over the past week,

as we made it clear that the stability of trades within a narrow range confined between the levels of 1830 – 1780 will be a prelude to a price explosion in one of the two directions, before the end of Friday’s trading The US dollar witnessed a lot of positivity affected by the employment data of the non-agricultural sector, which affected gold and prompted it to visit the 1750 area, an area we expected before that it would be within its work limits located between 1750 – 1740, the last support areas for gold and by breaking it down we will be waiting to visit the bottom area Double around 1680 – 1670

The scenario was accurately achieved, the lowest bottom of the demand area 1781, the demand and support area 1740 failed to confront the bearish wave and therefore the closest was, and as we expected to visit the last double bottom before any rise, which is the bottom located between 1680 -1670 and from it it rebounded quickly and again this is what we explained before Any visit to the double bottom will push gold up, even temporarily, and gold returned to trading above 1740.

All that is there is that the price explosion to achieve the expected deep correction in the event that gold does not succeed in breaching 1830 and the stability of the above trades took place quickly and within a rapid impulsive wave and during the beginning of the Asian session’s trading, which is witnessing a lot of liquidity scarcity and thus the markets are easily and quickly affected by sharp movements.

But also those impulsive waves can give us a lot of trading opportunities, as gold usually quickly to trade above 1740, stability of trades above 1740 and return to stability above 23.6% Fibonacci will be an indication of the possibility of returning to the last sideways trading area between 1780-1830 again

This means that we will have to monitor trades around the clock to monitor the price behavior of gold while reducing the number of contracts during this week.