Hi guys, I'm back with another gold analysis.
So currently price is below 1943 supply level and has already touched it once. If price breaks below then demand level at the bottom around 1928 could be a possible long opportunity. and if the breakout is to the top then 1952 level is the potential sell side area. In addition to having a supply level around 1952 also a trendline exists so it makes it much more reliable then a normal area of supply. But before we get there price has to go through the resistance level which is around 1945.
Make sure you have these areas on your chart and act accordingly upon market reaction.
Be honorable
So currently price is below 1943 supply level and has already touched it once. If price breaks below then demand level at the bottom around 1928 could be a possible long opportunity. and if the breakout is to the top then 1952 level is the potential sell side area. In addition to having a supply level around 1952 also a trendline exists so it makes it much more reliable then a normal area of supply. But before we get there price has to go through the resistance level which is around 1945.
Make sure you have these areas on your chart and act accordingly upon market reaction.
Be honorable
Note
Price is still below the supply level of 1943Note
Price is in a tight range cornerNote
So price did go up all the way to 1948, and touched the trendline.Note
Trendline is broken price could go to the next supply areaNote
CPI news heavily impacted the marketNote
Perfect reaction to 1971 level. 60 pips in profitNote
More than 90 pips has been gained from the 1971 sell side
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Related publications
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.