After an aggressive move that saw Gold pushed aggressively to the down side, now it's showing a sign of relief to the upside. I'm not going to take a buy position for now as price already left my buying zone, so I'm more inclined towards selling Gold when it comes to the zones that I marked. Based on 15m chart, there's still an imbalance that must be cleared...
Gold is currently trading in a clear downtrend, and it's heading towards an imbalance area during its last impulsive move. There are lots of confluence at the current area that I marked, a rising wedge, an imbalance, as well as the fibonacci levels marked a possible downtrend after the retracement. Also on the chart I have marked possible entries and exit levels...
Price is currently in correctional move since the big impulsive moves we see last week. In hindsight, there's an imbalance to be cleared during the impulsive move that I think price might visit before resuming the move upwards. Attached with the chart is the short sell position that might be interesting for you all. Stop loss is placed 10 pips above the last high,...
After an aggressive push towards the downside, we can see that the price has bounced. However, with low buying volume and one fresh supply ahead, I see a potential for another move down for XAU. I already marked 1922.5 - 1924.5 area as one of a good potential entry for sell position, with a stop loss tightly placed at 1926 or 1926.5. As usual, always do your own...
Potential for XAU to rally upwards in the lower timeframe, you can possibly enter at CMP or at the indicated zone, placing stoploss tighty at 1920. NFA, DYOR.
As you can see in the chart, it's currently testing the strong supply zone. You can potentially open sell at current price, with SL tightly placed on 1931. The final target price would be at 1920. Please do your own research as I provided this insight only as a tool to help with your daily trades.
