GOLD NEXT MOVE (bulls need strength) (29-07-2024)

Updated

Go through the analysis carefully, and do trade accordingly.

Anup 'BIAS for the day (29-07-2024)
Current price- 2392
"if Price stay below 2408, then next target is 2382 and 2372 and above that 2415 .

-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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Gold sell is running +50 PIPS IN PROFIT (2392-2387)
book little part of profit and manage trade

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Gold sell is running +70 PIPS IN PROFIT (2392-2385)
book little part of profit and manage trade

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BIAS TARGET 1ST TARGET +100 PIPS PROFIT DOMNE

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BIAS TARGET COMPLETE
2nd TARGET +200 PIPS PROFIT DONE

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THOUGHTS ON GOLD
*********************************
Price after making a new ATH, started moving in downtrend.
during downtrend, gold created a new low 2354 and then it bounced to 2402 (fake out on 1H-TF).
yesterday bulls made their full effort to reclaim 2400 region again but due to lack of any follow though, it could not break 2398-2400 area (clear break-out).
Suddenly bears entered the market at the resistance level, and price fell down up to 2369.
2369-2372 being a demand zone, price again pushed up to the uptrend again. Now the bulls are again trying to break 2394-2396 in order to reclaim 2400 area.
but as of writing bulls are facing fierce resistance (15M-ORDER BLOCK-SUPPLY ZONE) but not ready to surrender to bears.
now it is interesting to watch, if bulls gives a clear break-out of 2394-2396 (1H-TF), then 2410 will be the another hurdle for the Bulls today.
Advice-
from this zone, blindly we can not short, if anyone wants to short the gold, the stop loss will be the 2396.
if price successfully managed to cross this zone (2394-2396) then shorting of gold may be dangerous until it test 2410 area.
Long is not recommended from the current zone.

thank you.

Note

Reminder-
8888888888888

Until the price is remain below 2396-2395,
gold may be considered very bearish

Advice-
from this zone, blindly we can not short, if anyone wants to short the gold, the stop loss will be the 2396.
if price successfully managed to cross this zone (2394-2396) then shorting of gold may be dangerous until it test 2410 area.
Long is not recommended from the current zone.

thank you.

Note

THOUGHTS ON GOLD
*********************************

yesterday bulls made their full effort to reclaim 2400 region again and they succeeded to break and close above 2400 area, which indicated gold may sweep the liquidity at least up to 2418.
Today morning bulls grabbed the liquidity up to 2418 and extended it moves up to 2425.
Now, as of writing, gold is facing fierce resistance @2423-25.
from now we can anticipate bulls may clean the liquidity near 2430-2432 (heady liquidity pool).
but Bulls wants some strength for which bulls may move towards 2408 area.
we are waiting for FOMC FED rate decision,
if they didn't cut the interest rate, gold may face heavy bearish pressure and we can anticipate gold will continue to bearish trend.
if FED cut the interest, the bulls may target all time high.

thank you

Trade closed: target reached

THIS TRADE ALREADY HIT BOTH THE BIAS TARGET.
GOLD TURNED TO BULLISH AND FILLED ALL THE GAP UP TO 2454 NO MORE GAP UPSIDE.
SO WE WILL WAIT FOR A RETRECEMTNT
THANK YOU

Note

Thoughts on Gold:
Yes,
As Friday prices cleaned the liquidity up to 2412,
today the area was retested in Tokyo session,
And gold is near its resistance zone,
once it breaks the resistance 2455-2460
then Bulls may break the ATH and set a new ATH.
detailed thoughts will be published soon

Trade closed: target reached

trade closed +200 PIPS IN PROFIT

AnupZiddi

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Not financial advice.
Educational purposes only.

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