The strong decline that took place yesterday has hit 300 pips from the retracement price in the early hours of yesterday. The decline reached at its lowest price since the NFP was released the previous day.
Continuation from yesterday's decline, is the price potential able to make an increase or even continue the decline like yesterday?
This analysis is made in the early morning and sees from the price movement that is in the area of 1795.00 where it is the resistance price that has been successfully broken and then becomes support at this point, but the confirmation is still not seen because, at the current price, the candle has not managed to pass above lowest price yesterday.
So in my opinion, there are 2 probabilities that could happen at this point. First, the price makes an increase because of the price of the above reason, or second the price shows a horizontal movement before being able to see a clearer setup in the future.
Since at this point, the market is not showing a mature reaction at the current price, I chose not to trade on gold at this point until the market shows a real uptrend or downtrend reaction after a particular setup is clearly indicated.
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Buy GOLD between price 1796 to 1797 and buy limit at 1793
SL: 1786
TP: 1801 1806 Target Hittttl🎯
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