Hi mates, Sharing daily chart of Gold as we can see that price reached very close to a good support zone I mentioned it as flip zone so this zone will definitely play a important role for giving direction to price for coming sessions as we can see a bounce from there or break that support, for both side actions target I marked on provided chart, one more interesting thing I observed so added too on chart and that is 200 moving average as you can see that earlier it gives bounce after taking support from that moving average and this time too 200 moving average it is placing very near to flip zone so I think a good trade is waiting for traders.
This is not and trade or investment advice. This idea is meant for learning only.
This is not and trade or investment advice. This idea is meant for learning only.
Note
waiting for a decider flip zone close above or below for going a tradeTrade active
Expecting a bounce toward flip zone Trade active
Got a good chance to short from flip zone as mentioned in update above doing same and gaining good afterTrade closed: target reached
Traget marked below reached after flip zone breached, regret for an late update, will publish a new idea on Gold this one is closing completlySharing a snapshot also from which we can see how resistance worked which prior was support for it, did not sustain above after this publish, classic exapmle of support and resistance roles exchange
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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.