GOLD TRADING IDEA
Updated
G'day Guys
Let's analyze Gold Today.
In 4 Hours time-frame, we clearly see reversal formed June 1st at (1916.46) the highest Price.
On June 3, Price unable to create New High and price rejected at Supply Zone area 1912.48 - 1907.12 created on May 26. From here we able to see this pair creating an HNS pattern or M reversal pattern.
As the expected price dropped and break 3 Support Zone and rejected on the Fourth Support area at 1855.48 on June 4. This is the completion of the first bearish wave. We projected on previous analysis that this pair looking for a new HiLow area to continue bearish.
As expected price successfully, create a new HiLow at 1903.55 then rejected by the Supply Zone.
From an Hourly perspective, we expect these pairs to continue to bearish with confirmation of price rejected in ESZ once, Rejected in URZ 14 times to push the price lower, and currently, the price was rejected on MRZ pushing the price up.
We would like to enter Sell Position once the price makes some correction on the URZ zone with the first target will be at MRZ, the second LRZ the last Take profit will be on EDZ.
Let's see what happens next.
Let's analyze Gold Today.
In 4 Hours time-frame, we clearly see reversal formed June 1st at (1916.46) the highest Price.
On June 3, Price unable to create New High and price rejected at Supply Zone area 1912.48 - 1907.12 created on May 26. From here we able to see this pair creating an HNS pattern or M reversal pattern.
As the expected price dropped and break 3 Support Zone and rejected on the Fourth Support area at 1855.48 on June 4. This is the completion of the first bearish wave. We projected on previous analysis that this pair looking for a new HiLow area to continue bearish.
As expected price successfully, create a new HiLow at 1903.55 then rejected by the Supply Zone.
From an Hourly perspective, we expect these pairs to continue to bearish with confirmation of price rejected in ESZ once, Rejected in URZ 14 times to push the price lower, and currently, the price was rejected on MRZ pushing the price up.
We would like to enter Sell Position once the price makes some correction on the URZ zone with the first target will be at MRZ, the second LRZ the last Take profit will be on EDZ.
Let's see what happens next.
Note
Price continues to drop. Waiting for Pullback at MRZ.
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