Gold downside capped by March highs

Gold downside capped by March highs

Key Support: 1700 – 1703
Key Resistance: 1757 – 1565

Mid Term View
Since we hit all time highs Gold has declined about 18% in roughly 200 days.

1H Chart Analysis
After moving down and breaking a super important level (1765 – May highs) Gold is sitting back and retesting the next key level, the March 2020 highs at around 1703 whilst printing massive bullish divergence and not making new lows as the DXY makes new highs. All of this whilst retesting the bottom of the mid term structure.

We need to wait for the break of the reversal pattern and the previous highs to jump in long for a run at the weekly pivot and also the 50% retracement of the last move down.

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Author : Orlando Gutierrez

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