Gold is currently trading between the quarter and half margin zone from the recent low.
The 1/2 zone acts as a bifurcation point, if reached. It would be prudent to look for short entries from this level, provided there is a reaction, with a stop loss placed above the zone.
Should the level be broken, the target area will be 4271-4277.
Gold failed to reach the 1/2 margin level to confirm a reversal signal, moving directly toward the quarter zone following the full completion of the bearish cycle margin area.
I anticipate a move toward the 4068-4082 range. The ideal scenario involves a pullback to the 1/4 zone, although the market may reject that entry and head directly lower.
Deutsche Bank Downgrades Gold Price Forecasts by 22%
Deutsche Bank AG has slashed its gold price forecasts by 22% due to waning investor confidence in U.S. monetary policy and a broader...
