GOLD daily analysis June 20, 2022
Gold is in a bullish trend since it tested its support at 1805. However we can see a bigger wedge (white trend lines) testing the bulls. Today we have a test for this wedge at 1846. If there is enough bullish momentum then the bullish trend between yellow lines will continue and we will test the next resistance at 1852 - 1858 - 1868. However if the breakout fails at 1846 then we may continue the sideways momentum with support at 1833 and resistance 1842.
If bears show up and trend starts to change from sideways to downtrend then the next support levels are 1828-1818-1808.
Market is volatile and trends are short lived since some days. So dont take longterm positions and trade only with StopLoss.
Today market may not have much volume because of bank holiday.
If bears show up and trend starts to change from sideways to downtrend then the next support levels are 1828-1818-1808.
Market is volatile and trends are short lived since some days. So dont take longterm positions and trade only with StopLoss.
Today market may not have much volume because of bank holiday.
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