Yesterday gold tested its support at 1818 at resistance at 1840 near the downtrend line. Presently gold is in bearish trend forming lower highs and lower low. There is a downtrend channel with support at 1818 level which is test more than once.
Today I see gold will test the upper boundary of value zone at 1835 and start pull back to test the support 1818 and then 1808. Since price is stable near the 1818 level since some days I feel we can see the testing of further lower support at 1808 and 1800 if there is strong momentum and volume in US session.
However keep in mind that the levels at 1800 to 1808 may act as strong trigger levels for bulls and we can see reversal.
So for today we will go scalp sell with small target.
Sell 1836 SL 1844 TP 1822
The 50 Dema and 200 Dema are near. This shows the sideways momentum since month worked well in bringing prices to original levels. Now markets are in sideways. So dont trade against trends and have targets within value zone.
In US session we have important news today. So be careful then.
Today I see gold will test the upper boundary of value zone at 1835 and start pull back to test the support 1818 and then 1808. Since price is stable near the 1818 level since some days I feel we can see the testing of further lower support at 1808 and 1800 if there is strong momentum and volume in US session.
However keep in mind that the levels at 1800 to 1808 may act as strong trigger levels for bulls and we can see reversal.
So for today we will go scalp sell with small target.
Sell 1836 SL 1844 TP 1822
The 50 Dema and 200 Dema are near. This shows the sideways momentum since month worked well in bringing prices to original levels. Now markets are in sideways. So dont trade against trends and have targets within value zone.
In US session we have important news today. So be careful then.
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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.
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.