Gold is continuing to run to the downside, but there could be strong demand in $1,850’s.
Volume profile analysis puts the key POCs at $1,720 and $1,840 as targets.
Following the recent analysis , Gold Price Analysis: Bears finally catch a break , where the price melted, as expected, below the trend line resistance, bears remain on track for a run towards $1,840.
A fresh low of $1,860.08 was made in the London afternoon session following a break of $1,875 in late Asia.From a volume profile perspective, a break of $1,857 could be significant and lead to a run through a low volume area between there and $1,820.In doing so, it then stretches the imagination of a retracement all the way to the 2019-YTD point of control (POC) down at $1,720.This likely means that $1,850 is going to be a strong area of demand and troublesome for the […]
October 30, 2020 (updated October 30, 2020) Published by StockMan