In detail, the scenario is like this!
Although Gold still ended the trading day in green, the price still could not overcome the important resistance level at $4,245
With the price moving in a narrow accumulation range around the resistance level of $4,245 as it is now, the potential for a decline will be higher than a continued increase. The bearish scenario is that Gold will lose the $4,205 mark in the Asian session, the Short position is activated according to the pullback to the $4.22x range with a Stoploss of $4,240. The price targets are $4,192 and $4,169 respectively (according to the red scenario)
However, if the price can still maintain above $4,217 in the Asian session, the price will likely have a period of increase first and then decrease later (blue scenario). Specifically:
- Price increased above $4,234 when the Asian session officially entered
- Price increased rapidly to the range of $4,272 or $4,277/$4,278
- Expected price range of $4,27x will decrease and false-break structure will be established. Can short around $4,277/$4,278 with STP 12 price. Price target unchanged
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