Hi Traders! Gold forecast follow up and update is here. On February 24th I shared this “Gold Forecast And Technical Analysis” post in my blog. In this post, let’s do a recap of this setup and see how it has developed now. If you would like to learn more about the way we trade and the technical analysis we use then check out the Traders Academy Club. Spoiler alert – free memberships are available!
My Idea
On the H1 chart, we had a strong bullish move and it looks like a pullback is happening now in the form of double wave down. Also, we had a strong resistance zone that has formed, the price which was moving higher has broken above this strong resistance zone and is holding above it. Currently, this strong resistance zone is acting as a strong support zone for us. The price has currently reached this strong support zone, so until this strong support zone holds my view remains bullish here and I expect the price to move higher further.
Based on the above mentioned analysis my view was bullish here and until the strong support zone holds I was expecting the price to move higher further. The price action didn’t follow my analysis here and this idea failed. After the strong bullish move we had a pullback in the form of double wave down and the price reached the strong support zone, reacted from this zone and it moved a bit higher. But then the price moved lower and we got a valid breakout below the strong support zone thus invalidating the bullish view here.
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Happy Trading!
Yordan Kuzmanov
Chief Trader at the Traders Academy Club
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