GOLD V Shaped Reversal But Still Bearish

Gold has retraced a bit to the upside as V shaped reversal with W pattern took place at the bottom 1764 (GLD).

Bears still have few more options. The first POC zone 1832-35 might reject the price to the downside else the resistance 1841 will be hit. However, if we see the price going further up watch for the 1850-56 zone where the Order block is. In both scenarios, GOLD might drop to 1802 which is 50.0 of the swing. Only above 1876 bulls will have the real power.

The Analysis has been done with the Black Widow system.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. On average around 80% of retail investor accounts loose money when trading with high ...

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