Gold is trading cautiously ahead of option expiry on tuesday,so range bound and tight fight between bulls and bears is seen.Yesterday smart recovery at 1856 seen,but bulls didn’t take much advantages and price close at 1860.67.
What for today’s ?
Bulls will take control above 1862.79,1.618% retracement,any 4H close above this level,then price will go to 1870.83 resistance,yesterday high.Bulls will get more power above 1871 and 1883.79 is ideal target for today session.
Bears will be in power below 1855.80 for 1849.81 minimum,we have to watch price action very closly at this weekly pivot level 1849.81,if this violate,it will be very quick downward movement for 1841.78/1839.30 or even 1836.82.
Conclusion: For low risk entry, long above 1870.83 or short below 1849.81.
Happy weekend.
