Gold anlaysis 06.04.2022
Yesterday gold failed to breakout after testing the 1937 and 1944 levels. It tested the support near 1916 and is able to sustain within the descending wedge . The wedge is coming very narrow and the boundaries today are 1916 and 1932. So we can go for scalp trades near both these levels.
Since this is descending wedge we will generally have a downside breakout if there is enough selling pressure. In daily chart we can see all the candles are trying to break the 1916-1918 level. So I feel this level may lose its support very soon.
However there is very good buying pressure above 1880. So even if price breakout below 1916 then we can see a pull back.
On the other side we can see price is not able to break the 1932 level since a week. So we can go for sell orders when ever there is a new high.
My trading idea
BUY 1918-1922 SL 1912 TP 1930
SELL 1938 SL 1948 TP 1920
Since this is descending wedge we will generally have a downside breakout if there is enough selling pressure. In daily chart we can see all the candles are trying to break the 1916-1918 level. So I feel this level may lose its support very soon.
However there is very good buying pressure above 1880. So even if price breakout below 1916 then we can see a pull back.
On the other side we can see price is not able to break the 1932 level since a week. So we can go for sell orders when ever there is a new high.
My trading idea
BUY 1918-1922 SL 1912 TP 1930
SELL 1938 SL 1948 TP 1920
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