The bullish momentum of Price last Friday implies we might be seeing the beginning of a new wave after the massive rejection at the demand zone at 1810.
On the 3day chart shown below, we saw that MACD has shown a dip in momentum which validates the divergence of wave 2 and wave 4
The USD news released during the week also had little or no effect on the momentum of Gold coupled with the fact that the Israel-Palestine war is also a factor, I think we might be seeing new highs on GOLD for this year soon.
For the immediate concern, there's a supply zone at 1940-1952, and if GOLD rejects there, we might see some pullbacks to the demand zone shown on the chart.
I would advise looking for buying oppportunities until price reaches supply zone
I would love to hear your thoughts 🤔 on this, so feel free to leave a comment ✍.
Please like 👍❤ this idea 💡 if you agree, and follow me for more updates ❕❕❕
On the 3day chart shown below, we saw that MACD has shown a dip in momentum which validates the divergence of wave 2 and wave 4
The USD news released during the week also had little or no effect on the momentum of Gold coupled with the fact that the Israel-Palestine war is also a factor, I think we might be seeing new highs on GOLD for this year soon.
For the immediate concern, there's a supply zone at 1940-1952, and if GOLD rejects there, we might see some pullbacks to the demand zone shown on the chart.
I would advise looking for buying oppportunities until price reaches supply zone
I would love to hear your thoughts 🤔 on this, so feel free to leave a comment ✍.
Please like 👍❤ this idea 💡 if you agree, and follow me for more updates ❕❕❕
Note
Price started with a gap down and its moving steadily. I am expecting some reactions at 1914 which is the target for the rejection at 1932.IF Price gets rejected at 1914 level, we might see another bullish move up to 1950 else, we are going down to 1900
Trade active
Note
We saw Price reject at 1914 like I anticipated, so I envisage GOLD moving up to 1940Note
😍 200 whooping pips 💸🤑🤑Note
Take partials here 🤑 and let the rest run to 1948Note
All TP hit 1950 confirmed. Follow me for more update
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.