As we predicted last week gold price have tested the July low again and bounced back to the H4 drop base drop zone. Congratulations to those who have followed. Looks like the gold price is currently around our weekly support become resistance. At daily timeframe shows that the price can’t break the July low and bouncing the price back up maybe it’s time for the trend reversal but the overall trend looks like still in a downtrend so this bounce could be a retracement.
For analysis at H4 click here…
That’s on daily at h4 gold price formed double bottom pattern at the H4 resistance become support zone (RBS), so we can expect a retracement at the H4 RBS before the price continues to fly or drop. If the price rejects the H4 RBS zone, then there is a high possibility for the price to shoot up until the H4 support become resistance zone (SBR). Otherwise, if gold price breaks the H4 RBS zone we can see a minor drop maybe until 1704.
Fundamentally looks like the USD is not so strong for this week maybe might get strong for tonight’s Inflation rate news. July inflation rate was 8.5 if the result today shows lower than last month that indicates the USD is recovering. If higher than last month USD might get weaker. Let’s see what happens today. If you’re a newbie we strongly suggest not to trade news time because normally for high-impact news the price would be more volatile than usual so trade smart. Simple jeee