Abstract：Gold buyers may be pretty much somehow holding it up as probably anticipating that bearish sentiments will fade out as the price structure formed a text book perfect bullish flag pattern and end of Tuesday trading session offered no complete dash of it.
Gold buyers may be pretty much somehow holding it up as probably anticipating that bearish sentiments will fade out as the price structure formed a text book perfect bullish flag pattern and end of Tuesday trading session offered no complete dash of it.
But something that the market participants to take not of is that there was a breach of confluence in that, sellers not only pierced the 50 MA during Monday trading day session, but also Tuesday trading day session price opened and closed below the 50 MA and made a fresh new weekly low of 1,905 price handle level, past the previous week low level range price handle level of 1,916.15.
To note is that the 1,920 price level handle is holding up as minor support zone and it will be interesting to see if this zone level will be breached.
We portend that market participants will be buying the strong dollar currently as they probably balance out their portfolios or liquidating their long positions either partially on in full.
Of course, ones discretion and risk management is advised.
Daily Chart;
[About The Author]
Jasper Njuguna is a self-taught discretionary financial markets
trader. With cumulative 5 years experience trading the markets and out
of which, one and a half years of that as a prop trader, trading large
and mid-cap American equities at one of the DAY TRADE THE WORLD offices.
Prior to switching career interest to trading, I have 9 years of
experience in senior management roles driving small to large business
development and B2B relations in creating and implementing; learning
& development solutions, programs, organizational strategies &
frameworks, and blended learning approaches for companies and
institutions in Africa
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