Sell the rise 1930-40 for targets 1885 & 1855 this month
Updated
1. Global trend continues to be bearish starting 4th May, 2023 with 2081.82 high and 1893.12 low (as of now) on 29th June, 2023.
2. Local trend has become range bound again with Local Supply zone 1930-40 and Local Demand zone 1885-1902.
3. Local Supply zone 1930-40 coincides with Daily supply zones 1935-48 & 1948-85.
4. Market is testing the newly created Daily supply area with the help of local demand zone.
Fundamental Outlook
1. FED hinted 2 more rate hikes this year and hence US bond yields are heading towards highs making the non-yielding gold less attractive again.
2. Financial instability risks that emerged in March and inflated gold prices for 2 months do not exist as of now.
3. DXY is pulled back largely due to strength in Euro & GBP due to more hawkish monetary policies in these regions, however USD is still strong as evident from other USD pairs like USDJPY, USDAUD, USDCNH.
(Technically, DXY is at Weekly demand zone and any further rise can create a breakout again at daily time frame.)
Please boost the idea, comment if you like any part of it.
Happy trading!
Tarang
2. Local trend has become range bound again with Local Supply zone 1930-40 and Local Demand zone 1885-1902.
3. Local Supply zone 1930-40 coincides with Daily supply zones 1935-48 & 1948-85.
4. Market is testing the newly created Daily supply area with the help of local demand zone.
Fundamental Outlook
1. FED hinted 2 more rate hikes this year and hence US bond yields are heading towards highs making the non-yielding gold less attractive again.
2. Financial instability risks that emerged in March and inflated gold prices for 2 months do not exist as of now.
3. DXY is pulled back largely due to strength in Euro & GBP due to more hawkish monetary policies in these regions, however USD is still strong as evident from other USD pairs like USDJPY, USDAUD, USDCNH.
(Technically, DXY is at Weekly demand zone and any further rise can create a breakout again at daily time frame.)
Please boost the idea, comment if you like any part of it.
Happy trading!
Tarang
Trade active
Sold at 1938 for short term targets -TP1 1925
TP2 1912
TP3 1903
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Stop Loss : Day closing above 1940In that case we will get into Daily supply zone above 1948, leaving current Daily supply zone 1935-48.
Happy trading!
Trade active
Selling at higher prices 1936-40 taking place again today. Supply zone 1930-40 is intact.
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