GOLD NEXT MOVE (expecting mild correction) (20-08-2024)

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Go through the analysis carefully, and do trade accordingly.

Anup 'BIAS for the day (20-08-2024)
Current price- 2526
"if Price stays below 2548, then next target is 2516 and 2505 and above that 2560.

-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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BOTH BIAS TARGET DONE

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price exactly tap the price zone, I marked in the chart
both BIAS TARGET DONE
1ST BIAS TARGET DONE +100 PIPS PROFIT
2ND BIAS TARGET DONE +210 PROFIT

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GOLD SELL IS RUNNING +300 PIPS PROFIT (2532-2501)

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1st layer of potential support-
2499-2503 (mitigated)
2nd layer of potential support-
2478-2483 (strong support)

🚦 Until the price hold the 1st support and trade above 2500, then we may see bullish move targetting 2524 and 2532

Caution ⚠:
* Gold is struggling for direction
*So go with proper Risk management

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GOLD SELL IS RUNNING +330 PIPS PROFIT (2532-2498)

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gold is trading just above the support area and it is creating the range which indicates we may see a clear break-out on 1H & 4H TF, if we see break-out then there is higher chances price may approach to 2480 area.
best selling area 2520-2522
best buying area 2479-2483

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GOLD SELL IS RUNNING +600 PIPS IN PROFIT (2532-2472)

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Quick update-
Immediate support zone 2470-2475
Immediate resistance zone: 2492-2495
until the price is above 2470-2475, it may target to 2492-2495.
If price breaks this support, then next potential support 2450-2455

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As I commented (when price was at 2480),
price hit the resistance zone,
This move went in out favor +150 PIPS PROFIT (2480-2495)

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As I commented (when price was at 2480),
price hit the resistance zone,
This move went in out favor +150 PIPS PROFIT (2480-2495)

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GOLD BUY IS RUNNING +380 PIPS IN PROFIT (2480-2518)

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Quick update-
Immediate support zone 2495-2500
Immediate resistance zone: 2519-2522
until the price is above 2500 level, it may target to 2532 & 2550.
Advise-
from this range, it appears bulls may break the resistance zone easily.

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PRICE BREAKS THE RESISTANCE ZONE
BUY POSITION IS RUNNING +150 PIPS IN PROFIT (2510-2525)

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we booked PIPS in selling = 600 PIPS (as we mentioned in the analysis)
we booked PIPS in buying = 380 PIPS (as I updated upcoming move in comment)
we booked PIPS in buying = 150 PIPS (as I updated upcoming move in comment)