GOLD NEXT(trend continuation with mild correction) (25-07-2024)

Updated

Go through the analysis carefully, and do trade accordingly.

Anup 'BIAS for the day (25-07-2024)
Current price- 2375
"if Price stay below 2395, then next target is 2362 and 2350 and above that 2405 .

-POSSIBILITY-1
Wait (as geopolitical situation are worsening )

-POSSIBILITY-2
Wait (as geopolitical situation are worsening)

Best of luck
Never risk more than 1% of principal to follow any position.
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Note

M-15 time frame is giving signs forming inverse head and shoulder, liquidity clean with bullish engulfing candle, short term resistance break, RSI diversion.
go to small time frame and catch the retrenchment move

Note

gold hit sell area (2381-2386) as suggested in the chart of (1-Hour time frame)
and rejected in the suggested area,
Hence, out sell position triggered @2382
Now sell position is running +180 PIPS IN PROFIT (2382-2364).

NOW YOU CAN BOOK 70% OF YOUR PROFIT AND LEAVE A RUNNER OPEN AFTER MOVING SL TO ENTRY

Trade active

GOLD SUCCESSFULLY FELL DOWN AFTER HITTING OUR SELL ZONE (2381-2386) as suggested in the chart of (1-Hour time frame).
our SELL position is running +290 PIPS IN PROFIT
Now look at the 4-H (time frame) here a decent support is exists and price is facing fierce rejection,
So it is the time to book our Buy position which is running +290 pips in PROFIT.
Additionally, Now we will look short term buying. if price successfully hold this area, then price may attempt to reach 2380-2385.
now we are just booking our buy position

Trade active

As I told you previously,
if price hold 2352-56, then it may attempt to approach to 2380-2385.
In the same way, market tap and bounced and in the Tokyo session it touched 2379 area and immediately it fell down up to 2367 area,
now 2362-6367 is the support and and 2380-2385 is the resistance area.
if anyone took long entry from 2365-2370, he may protect his trades up to 2379, and 2385.
thank you intraday analysis will be published soon

Note

Thought on Gold:

As I told you previously,
"if price holds 2352-56, then it may attempt to approach to 2380-2385."
As I mentioned earlier (during Tokyo session) that 2362-6367 is the support and and 2380-2385 is the resistance area
In European session, price consolidated in a range holding the support (2362-2367.)
In the New York session, price successfully break the range upside and break the resistance area 2385. Price successfully hit 2391 area. Now bulls again gathering strength to reclaim 2400 zone.
But it is very hard for the bulls to reclaim this zone.

Advice:
Traders may book their maximum profit near 2390.
trader can search short entry near 2390-2394 using small time frame

Note

Thought on Gold:
********************
Price successfully hit the 2390-92 region (50% of previous impulsive move, H-4).
After hitting this critical resistance zone, price rejected two times (2390 to 2380) and (2390-2381) and successfully closed above 2383-2385 area (resistance 1H-TF).
It appears bulls came back strongly (after making low 2354 which is the support area on H-4 and H-1-TF) to this level.
Now bulls may try to fill the imbalance here (2393)(H-4, h-1 TF).
Further, there is a supply zone in this area (2394 to 2402) (See 1-H TF), resistance area (2394-2400).
So, we can expect bulls may reject from this area, if bulls managed to cross this area and closed above 2400 (on H-1,H-4), then bulls may test 2408 area again which will be premium zone of last wave (H-4).

Advise-
***********************
trader may wait and watch whether price is going to upside up to 2400, they should wait patiently for taking any short entry.
if price doesn't not break this area, they we can short but with tight stop loss.
if price consolidates in this range 2395-2400, then we may see a bulls' ride again.

Note

As I advised you,
if price failed to break 2400 (clear breakout on H-1 TF), you can take short entry with tight stop loss,
Now you can see price fake-out this reason and immediate after this fake-out price whole day rejected from this area (2395-2000).
it means you should have short the gold as i guide you.
now you can see the short position from 2395 is running +250 PIPS PROFIT (2395-2370)

Note

gold update:
As reflected in the chart,
gold finished its third corrective wave (i.e. C wave)(setting a low 2353)
immediate after that,
Gold again started taking bullish move and it completes,
1st move to the upside (i.e. 1 wave) (from 2353 to 2403)
2nd move to the down side (i.e. 2 wave)(from 2403 to 2370)
3rd move to the upside (i.e. 3 wave)(from 2370 to 2477)
4th move to the downside (i.e. 4 wave)(from 2477 to 2411)
Now Gold is forming its 5th impulsive wave (i.e. 5 wave )(from 2411........)
we can see gold my definitely break the ATH while moving in this wave.
Gold Bulls are ready to break the ATH and set a new ATH near about 2490-2510.
only after that we may see a decent correction.

thank you
Anup

Trade active

now as displayed in the chart,
gold is making third bullish wave and soon we will see price breaking all time high.

AnupZiddi

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Not financial advice.
Educational purposes only.

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