- During the first week of the year gold was highly volatile, touching the Monthly Supply Zone that Blackman briefly drew (you can review the January 3rd post) and had a very strong PRICE REACTION as it approached (collapsed nearly 300 pips). However, then Gold recovered immediately and is in this Zone.
- In the coming time, gold will occur in 2 cases as follows:
- TH1: Gold completely exited the 1879 Supply Zone, if 1 W1 candlestick is closed, it will clear that gold will head to the next target of 1905.
- TH2: This week Gold still failed to escape the Supply Zone of the Month frame and a reversal signal appeared in the W1 => frame It will soon return to the 1800 mark.
- Today we can wait for Gold to return to test the 1860 area, if there is a reversal signal here we can open a Buy order with the target heading to 1875.
S. L. 1853