Key Resistance: 1870 – 1884
Gold saw a surge in buyers on Monday at the NY open picking up price from the lows around 1845 to yesterday’s highs at 1869. That was a +1.35% (250 pips) move in the first hours of trading. Momentum dried up and eventually Gold pulled back to yesterday’s lows around the 1850 level for a 76.4% retracement.
Today Gold has been trading inside of a tight 80 pip range inside of a small bull flag having printed a higher low. This is not yet validated because the immediate structure is bearish.
A break of today’s highs would mean a break of the flag and the immediate bearish structure having broken with the previous lower high. This is our validation.
We are targeting the 161.8 of the first impulse (Monday’s move) which confluences with the weekly pivot and a previous base.
It’s important to notice that on the higher time frames we are in a pullback from the previous rally and price has based above the previous broken highs. The Big ABC pullback will be confirmed if our Gold trade plays out.
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