Hi guys, I'm back with another analysis on gold. So let's dive in.
So currently price is trapped below 1991 level which is the broken support and has already been tested once. Should price break through the level I would expect it to rise back to supply level around 2001. There with enough sell side participants market could drive down.
If market begins selling off now then first area of demand would be 1979 area. Should price breached through the area next demand level would be 1964 which has been tested once before and would be second time.
As always make sure you have these areas on your chart and act accordingly.
Be honorable.
So currently price is trapped below 1991 level which is the broken support and has already been tested once. Should price break through the level I would expect it to rise back to supply level around 2001. There with enough sell side participants market could drive down.
If market begins selling off now then first area of demand would be 1979 area. Should price breached through the area next demand level would be 1964 which has been tested once before and would be second time.
As always make sure you have these areas on your chart and act accordingly.
Be honorable.
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still below 1991 level
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perfect reaction to the level and is dropping.
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currently is being supported at 1981 make sure save some profit and bring the stop loss to break even point
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is getting close to the 1979 demand area
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area 1979 has been touched. Trade is active. 1:1 reward has been gained
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1:3 reward has been reached fantastic reaction
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1988 acting as a supply zone so make sure take some profit and bring the SL to breakeven point
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Finally we broke through 1991 level and it's inside supply zone
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Fantastic reaction to the supply area. RRR 1;1 is achieved
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This is so amazing guys 150 pips in one candle
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SO 1988 is supporting the price. price could try the supply zone second time but it would be risky to trade it second round
