Gold Retracement is Coming

Gold is still bearish and we could see a move up as a part of retracement. Profit taking and new buyers are joining.

The POC in the GOLD comes at 1725 as the price is bullish. We could see a continuation towards 1740. If the 1740 is broken we will see a move up towards 1760 and above. This is where historical buyers are so we can see a potential for a move up. Have in mind that bullish move is a part of retracement in downtrend and we still can make money by trading the setup.

For a look at all of today’s economic events, check out our economic calendar.

Cheers and safe trading,

Nenad