Hi guys, I'm back with another analysis on gold. So let's dive in.
So currently price is trapped below 1991 level which is the broken support and has already been tested once. Should price break through the level I would expect it to rise back to supply level around 2001. There with enough sell side participants market could drive down.
If market begins selling off now then first area of demand would be 1979 area. Should price breached through the area next demand level would be 1964 which has been tested once before and would be second time.
As always make sure you have these areas on your chart and act accordingly.
Be honorable.
So currently price is trapped below 1991 level which is the broken support and has already been tested once. Should price break through the level I would expect it to rise back to supply level around 2001. There with enough sell side participants market could drive down.
If market begins selling off now then first area of demand would be 1979 area. Should price breached through the area next demand level would be 1964 which has been tested once before and would be second time.
As always make sure you have these areas on your chart and act accordingly.
Be honorable.
Note
still below 1991 levelNote
perfect reaction to the level and is dropping.Note
currently is being supported at 1981 make sure save some profit and bring the stop loss to break even pointNote
is getting close to the 1979 demand areaNote
area 1979 has been touched. Trade is active. 1:1 reward has been gainedNote
1:3 reward has been reached fantastic reactionNote
1988 acting as a supply zone so make sure take some profit and bring the SL to breakeven pointNote
Finally we broke through 1991 level and it's inside supply zoneNote
Fantastic reaction to the supply area. RRR 1;1 is achievedNote
This is so amazing guys 150 pips in one candleNote
SO 1988 is supporting the price. price could try the supply zone second time but it would be risky to trade it second round
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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.