By Admiral Markets
Gold has been in a strong uptrend on the 4h timeframe, and that could mean good intraweek swings have been in development for Gold traders. At this point, the price is bouncing slightly above the POC zone 1325-1328, and as long as it stays above the POC zone, we might see a retest of W H3 1345.96. However, only an apparent 4h close above W H3 could spike the pair more to the upside towards W H4. A break below 1325, and we might be seeing 1320.26. Going below W L4 could mean a possible trend change then.
W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)
W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)
M H4 – Monthly Camarilla Pivot (Very Strong Monthly Resistance)
M L3 – Monthly Camarilla Pivot (Monthly Support)
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M L4 – Monthly H4 Camarilla (Monthly Strong Daily Support)
POC – Point Of Confluence (The zone where we expect price to react aka entry zone)
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Article by Admiral Markets
Source: GOLD Bouncing Slightly Above the Support
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