This week GOLD had a huge volatility after FOMC statements and Janet Yellen’s speech of FED. But after this big rise, it could not continue bullish pressure and is willing to get down where it was before. In the last day of this week, it is currently at 1170 and seems to be trying to find its direction. 1177.50 and 1158.00 levels are the most important levels of the day. If GOLD gets out of this band, we will be more clear to tell the direction. For now we think that GOLD is sailing between 1177 and 1158 and as long as it stays below 1177, bearish trend continues.
According to daily period, we see that bulls get weaker and a reversal signal is triggered. So watch carefully today, our view is still bearish but with a control SL over 1177. Tread safe please 🙂