Gold ranged throughout the week with every attempt to rebound getting wiped out over and over.
However, gold was able to stay supported and garner some bulls before the market close for the week.
We could expect the bulls to fight back again this week since the gold was able to survive multiple rejections after an extremely bearish week, and not forgetting it is still technically oversold.
So this week, we want to continue to look for buying opportunities and we probably will get one at the beginning of the market.
If the bull is able to take over the current range top at 1795, it should reach 1820 before facing another resistance.
And if the bull starts to trend, we might get a V-shaped recovery and it will quickly reach the equilibrium level at 1858.
Should the rebound this time fails and support gets broken, we might get a stronger demand at the neckline level of the previous double bottom at 1747.
However, gold was able to stay supported and garner some bulls before the market close for the week.
We could expect the bulls to fight back again this week since the gold was able to survive multiple rejections after an extremely bearish week, and not forgetting it is still technically oversold.
So this week, we want to continue to look for buying opportunities and we probably will get one at the beginning of the market.
If the bull is able to take over the current range top at 1795, it should reach 1820 before facing another resistance.
And if the bull starts to trend, we might get a V-shaped recovery and it will quickly reach the equilibrium level at 1858.
Should the rebound this time fails and support gets broken, we might get a stronger demand at the neckline level of the previous double bottom at 1747.
