Forex Analysis & Reviews: 06.04.2022 - Trading plan for Gold for...

Gold prices have been drifting sideways within a potential triangle since $1,949 level recently. The yellow metal has been unfolding a decreasing resistance and constant support consolidation and is expected to break lower towards $1,915 mark before finding support again. Bulls will remain inclined to hold prices above $1,890 levels to keep the short term bullsh structure intact.

Gold had earlier dropped from $2,070 through $1,890 carving the first bearish downswing in last several weeks. The same is being retraced for now and prices are expected to push through $1,960 and up to $2,000-10 mark before resuming lower again. The yellow metal may find potential support around $1,915 before resuming higher through $1,960 at least.

Also note that $2,000 is a formidable resistance since it is close to the Fibonacci 0.618 retracement of the above drop between $2,070 and $1,890 levels respectively. A push above $1,950 will accelerate the counter trend rally towards $2,000 mark before resuming lower again. The downside potential remains below $1,670 going forward.

Trading plan:

Potential rally through $2,000 mark against $1,890, then turn lower.

Good luck!

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.