The Gold has come to the POC zone within 1480. It dropped close to 100 pips, but for Gold, it's less then ATR(5).
Due to the lack of bearish momentum and continuation, we can see that three times Gold has tried to reject. From a trading point of view, it's ok as traders could squeeze more than 100 pips combined (red arrows), but from the analysis point of view, it looks that trend is changing. The price might reject straight to 1482. A close above 1482 will possibly make a continuation pattern towards 1489, 1493 and 1496. Only if the price drops below the trend lines and W L3 camarilla pivot(1458) we should see a down move.
The analysis has been done with the CAMMACD.MTF template.
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The analysis and the article presents Nenad's opinion. Remember, financial trading is highly speculative & may lead to the loss of your funds. Proper risk management is the Holy Grail of trading.
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