Gold Long - Retracement Near Completion
The gold continues to climb yesterday and finally met with some strong supply which has caused it to retraced significantly.
The retracement has now exceeded 80 pips which is a sign of oversold itself.
For those who understand that the fundamental supports a stronger gold, now is a good chance to long again.
The price, however, may continue to consolidate and retrace further to test the demand zone at 1312.
As of now, we still stick closely to a bullish gold base on our weekly forecast.
It is very important that as a trader, we do our best to respect our bigger plan and stick closely to it.
The retracement has now exceeded 80 pips which is a sign of oversold itself.
For those who understand that the fundamental supports a stronger gold, now is a good chance to long again.
The price, however, may continue to consolidate and retrace further to test the demand zone at 1312.
As of now, we still stick closely to a bullish gold base on our weekly forecast.
It is very important that as a trader, we do our best to respect our bigger plan and stick closely to it.
There's no doubt there are buyers coming in during the US session but has been capped.
Therefore, there's a good chance that the price may retrace further, as usual, to stop out the buyers.
I would suggest to look for buying opportunity below the price of 1310 with stop loss below 1305.