boyinjungle

boyinjungle

Finally we have a descending wedge. Theory suggests downside breakout. But wait for confirmation for the candle to close above 1710 or below 1700. But considering these lowest levels I suggest to wait for new lows and make buy instead of going for sell at highs. Today we may test the support at 1676 on bearish side if the wedge has bearish breakout. However on...

boyinjungle Updated 

Price action is showing some reaction whenever prices makes a new low. Gold is in strong bearing trend. News is also in support of USD Market sentiment is still not certain. Interest rate hikes will make dollar rise. So in short term gold will fall with market. Let gold make a high. SELL 1736 SL 1746 TP 1708

boyinjungle

Gold is within the value zone 1726 - 1736. Today we have very important news on CPI numbers (most possibly will be negative for USD). So market will be volatile in US session. Gold may test new lows before news time. Trend is bearish. Market sentiment is still bearish. Prefer to go short over long. Everytime gold test new low there is a price action and gold will...

boyinjungle Updated 

Gold is following the bearish trend and is presently trading below the value zone below 1736. So we can follow the bearish trend line (yellow) and go for SELL when Gold comes near this line with small SL. As I explained in picture Market sentiment, trend lines, price action, breakout strategy are suggesting there is more bearish momentum. So seeing this we can...

boyinjungle

Gold is testing patience and is continuing in its value zone between 1730-1750. It tested both the boundaries of value zones and found good support and resistance on both sides. So it continued staying within this narrow range. Present levels of gold are very good for buyers but market is strongly bearish so there is no trend reversal till now. Technical...

boyinjungle

Today the weekly candle will close. So lets try to see the bigger picture from technical analysis. The two large Red Candles which formed in US sessions were manipulation. Both of them had exactly same size and there is no price action after the close of these big candles. So technically there is no logic that can explain the present reaction of prices. Today we...

boyinjungle Updated 

Yesterday Gold made new low of 1732 and is trying to break the bearish trend line which it started from two days. For bulls to show up gold needs to close above 1746 in 4 hours. Otherwise the bearish trend will continue to form new lows. The technical indicators RSI, BB and MA are suggesting for a buy. But Price Action is not in support for Bulls as we can see...

boyinjungle

Yesterday Gold smashed every bull. Even I was also bullish and hit SL twice. This is the reason we use SL to not get big loss. Yesterday's market taught me one more lesson to stay away from trading when the setup fails. Yes 1766 was not in my plan and I was expecting the lowest 1792. SL helps in saving losses. So dont be rigid on emotions and be logical. Today I...

boyinjungle

Happy Independence Day to US citizens. I wish one day I too come and live there. Gold is within the value zone and has tested the support at 1786. Bulls showed up and gold closed green last week. Today gold will stay range bound because of holiday. So we will trade with small TP and SL when price tests the resistance of value zone at 1821 Although there is no...

boyinjungle

The opening day of month gold is bleeding and is presently not able to sustain above 1800 level. We have also been making new lows since morning. All this is showing the bearish pressure and this is because of the total market sentiment. These levels are very good for longterm buys and stack your gold at every dip. As we can see gold is testing the lower boundary...

boyinjungle Updated 

Monthly chart: Gold is bearish. However seeing the volume and size of candle we can expect the price has reached its bottom. But still we should be cautious as gold may test the level below 1786 before closing Weekly chart: Last two weeks candles are red. The 1800-1805 level acted as a good support. This week we made lower high and lower low. So expect bearish...

boyinjungle

Gold is in down trend. But the momentum of bears is very slow. Presently gold is consolidating between its weekly support at 1818 and the Upper value zone boundary (today at 1830). Market is waiting for the CPI numbers which come tomorrow. So there is no volume yesterday. Today there is Powell speech and similar to before he will assure dollar is strong and other...

boyinjungle

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...

boyinjungle

Gold is at its key price testing for support of bulls. Presently gold is consolidating after testing its support at 1818 which is weekly support. Gold is in bearish trend and the momentum is decreasing for bears. So we need a trigger level for bulls to show up. Until then price will consolidate in sideways. The resistance levels are at 1845-1856-1864-1874 The...

boyinjungle

Yesterday gold tested the limits of its value zone and finally closed near 1822. This shows the downside momentum is still continuing which can also be confirmed from the lower highs and lower lows. The present price is very near the monthly and weekly support and has come little away from the 20/50/100/200 DEMA. So prefer buying over selling at every dip. Chart...

boyinjungle

After breaking out on both sides of value zone gold tested its support and resistance at 1825 and 1848. Again gold is back to its value zone between 1830 and 1845.As of now the 1832 is acting as support in terms of value zone lower boundary and trend line passing below. We can also see that gold made a breakout from the descending wedge formed by the white trend...

boyinjungle

Yesterday gold broke out from the descending wedge. Bulls failed to sustain above 1840. Hence Bears took power and broke down below the support at 1835 which is present resistance. All the Daily EMA for 20-50-100 and 200 are higher than present levels. So see for buying oppurtunities at every dip in long term. However go for short trades in scalping since trend is...

boyinjungle

Gold is in sideways movement between 1835 and 1846 levels. Today we have news on home sales and this is going to be negative for USD because the interest rates are high the sales will be low. Hence I hope news will help gold on making high. Technically gold is stuck in a descending wedge since its broke out from the yellow bullish channel. This wedge has its...