Last week has clearly shown that sellers are in control.. But currently the yellow metal is oversold and need a healthy retracement to the demand zone, at the time of writing gold is trading at 1754, however 1745 is acting as a support, my suggestion in to wait for the market to come back to the demand zone (1771 - 1782) and find a shorting opportunity in that area..
Bullish Scenario:
Buy Gold around (1745 - 1742) with the sl of 1740 and tp of 1767
Bearish Scenario:
Sell Gold around (1776 - 1782) with the sl of 1785 and tp of 1742 and a selling extension of 1720
Bullish Scenario:
Buy Gold around (1745 - 1742) with the sl of 1740 and tp of 1767
Bearish Scenario:
Sell Gold around (1776 - 1782) with the sl of 1785 and tp of 1742 and a selling extension of 1720