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FX.co ★ Gold price continues bounce after strong sell off.

Gold price continues bounce after strong sell off.

Gold price continues to slide higher towards $1,900 after the sharp sell off decline from $1,960 to $1,850. Gold price is expected to continue higher towards $1,900 level as a back test as long as price is above $1,866.

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Gold price is slowly sliding higher towards the Kumo resistance at $1,900. Price is in an aftershock phase. After the sharp $100 decline, Gold price is trying to find direction. The Ichimoku cloud indicator so far points to a bigger decline. The first clue that another sell off is coming is when and if price breaks below $1,866. On the other hand bulls want to recapture $1,900 and doing this would be their first step towards a bigger upward bounce. If price gets close to the Kumo and gets rejected I will prefer to open partial short positions and add below $1,866.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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