In yesterdays breakdown I mentioned we could see a push to 1903 and we saw that today. With price having tapped the support we last saw 2 months ago, there is a chance from here we continue down.
Could we bounce? Absolutely, the question comes down to did we grab liquidity first.
1893 would be a potential level where we see liquidity being grabbed and price moving up. Keep in mind we still have not had a top wick form on the monthly candle for August, so there is liquidity to grab before price sells off down to 1800, but this isn't a guarantee, price can continue down no matter what.
Linking to the DXY chart, if we see the 103.66 level reject then Gold should bounce off support and continue back up.
Overall bias remains bearish with caution to the current support level.
Could we bounce? Absolutely, the question comes down to did we grab liquidity first.
1893 would be a potential level where we see liquidity being grabbed and price moving up. Keep in mind we still have not had a top wick form on the monthly candle for August, so there is liquidity to grab before price sells off down to 1800, but this isn't a guarantee, price can continue down no matter what.
Linking to the DXY chart, if we see the 103.66 level reject then Gold should bounce off support and continue back up.
Overall bias remains bearish with caution to the current support level.
