‼ ️ At the top of last trading week World gold had 1 trading week mainly decreased. Gold price retested the 1875 resistance level then fell back within the last session of the week. Closing last week with a bearish candlestick showed that purchasing pressure began to hamper after subsequent week of gains. In my opinion, the resistance zone of 1867-1875 continues to be the zone that pushes the gold price down within the first sessions of in the week .
- Switching to the daily chart time-frame , we will see that after 4 trading days at the start of last week declined, the last session of the 6th week, Gold price had a robust bounce to 1875 but after hitting the zone. At this price, Gold price fell immediately to 1840 and closed the day with a bullish candle but with an extended upper shadow, so this uptrend in my opinion isn't sustainable, reinforcing the trend of expecting retesting. on week time-frame .
- Considering on a shorter time-frame than H4, the closest point we will establish a sell-down position on the valuable metal Gold is around 1860. The safe target will remain to the old price of 1834. this is often also the support price zone of gold valuable during the day.
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