Ending yesterday's session, precious metal Gold had 1 day of decline from 1814 to 1797, closing the day session with a bearish candle around 1804. Although yesterday precious metal Gold was there are deeper declines every day but the drop is not too strong and the support zone 1793-1797 has not been broken so in my opinion to trigger a deep drop, the precious metal will have to overcome this price zone.
- My personal view on precious metal Gold today is to wait for this precious metal to have another drop to the 1793-1797 price range, then wait for a recovery signal to buy up. If the precious metal Gold breaks through 1793-1797, then 1781 will be the next support area of the precious metal Gold today.
XAUUSD H1
The price drop occurred after the current price made the double top and failed to pass 1815.00 yesterday
Today's market price movement managed to pass yesterday's lowest price and a possible decline can occur, if bullish engulfing is seen to occur on the m30 timeframe, and from this observation, a possible retracement can occur
Among the prices that can be tracked is 1803.00 because it is the support price that was successfully broken early this morning. However, the current price situation is more likely to look downtrend on current prices
If the next candlestick manages to pass below this bullish engulfing, then this makes the engulfing invalid, if not passed then a potential short-term buy can occur with a stop loss on the lowest needle yesterday.
Buying or selling at this point is allowed only on the basis of movement now the downtrend trend is stronger and now there is no clear setup except at the price of 1795.00 which was the support price a few days ago.
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