At the beginning of the month i posted an idea for the gold move in Feb. Initially, The gold showed a bullish formation reaching 1880 after breaking the downside support reaching 1780 zone late last week and earlier this week. A bigger push towards the major support at 1760 was tested and broken yesterday showing the bearish strength on gold, Moving forward gold will most likely test the previous support at 1760 before settling in a resting zone and we might expect a wide side way move between may-june of 1670- 1760. On the contrary if the bullish pace picks up breaking back over 1760-1780 zone the bullish will be back on the table. Follow up on the previous month analysis.
Have a good weekend to all traders and money management is highly recommended during these days with increasing market volatility.
Have a good weekend to all traders and money management is highly recommended during these days with increasing market volatility.