The Gold price has formed a new high on a lower time frame showing a shift from sellers to buyers which could offer long opportunities.
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The price of Gold has formed a new high on the 4hr time frame which highlights a shift in sentiment in the market as the USD weakens. The USD Index saw a price reverse today in line with the mid term expectations for the USD. If this should continue the price of Gold could be heading back to the previous resistance level around $1900.00.
Now the price has formed a new high we can look for long ideas in the short term from key volume levels. The value area high could be the first area to look for an opportunity as the price found fresh demand here recently. If a 4hr bullish candle forms here we can look for a long opportunity alternatively, if the price forms a bullish reversal pattern on a lower time frame that could confirm buyers are stepping in. If the price breaks back below the value area high we can look for the point of control to be the next level to watch for an opportunity.
Have you seen our EURGBP analysis yet? you can watch the video here.
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