Last week Gold had 4 consecutive days of sharp declines from 1943 to 1910 (more than 300 pips), penetrating all important support zones: 1930, 1920 and currently located at the next resistance zone around 1912. When it touched this zone, Gold has had a Price Reaction several times but there is still no clear reversal signal.
W1 closes 1 strongly bearish Engulfing candlestick => Shows that the trend in Week 3 is leaning to the downside.
This week, the Blackman Gold view will soon return to the 1920-1925 zone to retest again, after which Gold will show a signal of a reversal to continue the downtrend, the target may aim for a deep sweep to 1907. Here Gold will have a bounce back, we can still watch for the price reaction and wait to see what the D1 signal is that day before having the next strategy (Blackman will update in the following analysis).
In the 2nd of the week, in the Asian session, European Gold will bounce back. If at the opening time Gold does not jump the gap (Price is still around 1913), you can buy as soon as the market reruns with the target target of 1917.
Command reference:
*Sell 1924
SL 1931
TP1: 1917
TP2: 1912
* Buy 1907
S.L. 1899
TP 1915
