May 9, 2017 – (Chart of the Day) Gold – one month later – as expected ( XAUUSD )

Mr Price Action/ May 9, 2017/ Chart Of The Day/ 0 comments

Hi,
today short update to the gold analysis posted exactly one month ago here

 

In short, on 9th April 2017 I mentioned gold has hit potential supply zone based on weekly chart:

and we are approaching possible demand on daily ( within weekly zone 🙂 ) available above as well as on the new chart below:

Gold ( XAUUSD ) todays daily chart:

So, where from here ?
Medium/long term we do expect further downside as shown above but near term "Dead Cat Bounce" possible ( hence, if you are short watch around for possible reversal and manage position accrodingly ).

 

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