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Last week was a downward rollercoaster for Gold, punctuated only by obvious manipulation on Friday during the New York session. For a good two hours at the start of the session the price pushed up $17 from $1920 at 8am EST to $1937 by 9.45am.
This aligned perfectly with the Wednesday high of the NYC session and easily kicked through May’s monthly low of $1932.
It subsequently reversed, breaking back under the May low down to that day’s Asia high of around $1918. It ended the day wedged between this high and the London high of $1920.
Down and Out
As the trend remains very much bearish for XAUUSD, our next areas of interest of Monday will be the London Low of Friday at around $1913 and the Asian Low of Friday at around $1910. This is also a monthly low, and a far cry from the $2079 peak of early May.
In real terms Gold has decreased in value by almost 8% in seven weeks, and prior to making the $1910 low on Friday had not been down this far since mid-March.
As traders should only be looking for sells on Monday to keep with the higher timeframe trend, we should expect tests of the $1918 and $1913 levels.
As Gold traders tend to stick to their sessions for price ranges, a potential retest of $1910 could come at the start of the day during the Asia session.
If price stays below that level heading into London, we have a London Low area of interest from 14 March at the psychological level of $1900.
Going even further, NY session closed out that same day in March at $1897, providing even greater space for Gold to expand into.
As this all needs fuel, we should expect to see liquidity grabs into the nearby $1920 London High of Friday, and possibly even back above $1935 – the high created in the NY session last Friday.
No News Day
There is no major news on the economic calendar for Monday, so all price moves will be purely market driven.
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