19,79 Pts. profit as Price Action reached psychological barrier
19,79 Points Profit as Price Action reached psychological barrier, with position opened on early EU session.
As the Gold Spot, by the end of the last week, started trading within bearish rectangle , the Price Action was expected to lose more of its value throughout this week. The 1917,90 represents strong 28th, 30th and 31st March's and 1st-3rd and 5th-6th April's support zone , which when got invalidated provided high possibilities of further meltdown pursuing the 1897,90-1900,90 psychological barrier. Even though the Price Action ignored the US10Y h4 chart meltdown on early EU session, I engaged my selling order with 1916,79 as an entry point , placing TP at 1897 and SL at 1928,90 resistance, with the Price Action showing high counter-correlation with DXY ( dollar index ) which traded +0,61% throughout today's session. The Price Action manage to hit the TP zone on late EU/early US session, closing my position with 19,79 Points of Profit.
The Price Action is currently on 16th and 28th March's support levels, and it is worth mentioning that those are the lowest levels of Gold Price since the Russian invasion on Ukraine started. With no big fundamental events planned for this week, price action movement's will completely rely on Ukraine-Russia conflict development and technical analysis .
After the big meltdown on the Gold Spot (33.320$ or 1,74%) throughout today's sessions, I expect slight consolidation, with possibilities of a small correction towards the previously mentioned support, which became resistance and further meltdown towards the 18th-21st and 25th February's 1887,90 support, with possibilities of 1876,90 extension.
I will carefully monitor the Price Action ( XAUUSD ) and both correlating assets, and accordingly engage selling order, with no interests in market buying (except fundamental events, mostly caused by current Eastern Europe crisis, which will once again trigger the Gold as safe haven).
As the Gold Spot, by the end of the last week, started trading within bearish rectangle , the Price Action was expected to lose more of its value throughout this week. The 1917,90 represents strong 28th, 30th and 31st March's and 1st-3rd and 5th-6th April's support zone , which when got invalidated provided high possibilities of further meltdown pursuing the 1897,90-1900,90 psychological barrier. Even though the Price Action ignored the US10Y h4 chart meltdown on early EU session, I engaged my selling order with 1916,79 as an entry point , placing TP at 1897 and SL at 1928,90 resistance, with the Price Action showing high counter-correlation with DXY ( dollar index ) which traded +0,61% throughout today's session. The Price Action manage to hit the TP zone on late EU/early US session, closing my position with 19,79 Points of Profit.
The Price Action is currently on 16th and 28th March's support levels, and it is worth mentioning that those are the lowest levels of Gold Price since the Russian invasion on Ukraine started. With no big fundamental events planned for this week, price action movement's will completely rely on Ukraine-Russia conflict development and technical analysis .
After the big meltdown on the Gold Spot (33.320$ or 1,74%) throughout today's sessions, I expect slight consolidation, with possibilities of a small correction towards the previously mentioned support, which became resistance and further meltdown towards the 18th-21st and 25th February's 1887,90 support, with possibilities of 1876,90 extension.
I will carefully monitor the Price Action ( XAUUSD ) and both correlating assets, and accordingly engage selling order, with no interests in market buying (except fundamental events, mostly caused by current Eastern Europe crisis, which will once again trigger the Gold as safe haven).
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