Comment on Gold on April 16, 2021:
End of trading yesterday, precious metal Gold had a strong rebound when from 1734 to 1769 ($ 35) broke the resistance zone of 1755 and closed the daily candle beyond this price zone at 1763. With the close of Yesterday, candlestick broke through today's cumulative resistance, in my opinion, this uptrend will continue in the early part of today's session.
- Considering on the daily chart time frame, we can see that the uptrend of Gold is tending to move up to the next resistance zone of 1778-1782. If in this Asian session, gold precious metal does not tend to correct but goes straight to the above price range, it is likely that there will be a correction to gold at the 1778-1782 price range in my opinion here.
- Case 2 if Gold declines and corrects to 1750-1755 in the beginning of today's session, we can establish a buy position around this level with the target of 1778-1782. After the gold precious metal touches this price zone, we should consider a sell signal here.