Post
$PAXG
GOLD did a fake-out of 3700 after FOMC grabbed the buy side liquidity and market was on a sell side since then, this is a correction within a much larger bullish trend.
How I see the chart, the correction structure is corrective, with overlapping price action, each of the dips after FOMC bought quickly and selling liquidity being absorbed from the key levels of 3620 - 3630, indicates buyers interest in this level. Despite this we are still in a bigger selling structure so cautious is required.
As of now, for me a dip towards 3620 level could provide a buying opportunity, as I would expect bulls to step in again. If price reclaims the level of 3665 - 3670, I will consider the correction is complete and will be looking for buying opportunities on strength.
#GoldHitsRecordHigh
GOLD did a fake-out of 3700 after FOMC grabbed the buy side liquidity and market was on a sell side since then, this is a correction within a much larger bullish trend.
How I see the chart, the correction structure is corrective, with overlapping price action, each of the dips after FOMC bought quickly and selling liquidity being absorbed from the key levels of 3620 - 3630, indicates buyers interest in this level. Despite this we are still in a bigger selling structure so cautious is required.
As of now, for me a dip towards 3620 level could provide a buying opportunity, as I would expect bulls to step in again. If price reclaims the level of 3665 - 3670, I will consider the correction is complete and will be looking for buying opportunities on strength.
#GoldHitsRecordHigh
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