In yesterday's trading session we have seen correction on DXY chart and gold also tried to recover but the gains on gold chart was limited .
For today and from the price action it seems that that buying is still limited in the Gold ,we have seen that gold tried to trade above 200MA on 15 Min TF but soon after a good bounce it retraced back under the 200 MA and it shows that it is still under selling pressure .
For today main zone in focus is 1698-1702 , if gold able to hold on this zone then we can expect some bounce from this zone and if gold breakdown this zone then more decline ahead .
1705 Level is HVN so we have to watch this level also .
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Today's Outlook:📝 (19/07/2022)
Weekly candle : Bearish
Day Candle: Rejection from top (bearish)🔔
Trend : Down
Major News USD : Housing Starts, Building Permits
Intraday support as per OI: 1700,1675
Intraday Resistance as per OI : 1710,20,25
Price Action Support :1700,1680 | Resistance 1728,1745
CPR : Wide( Ascending)
DJI : - 0.69 %
DXY : -0.58 %
OI : Descending (Last Day)
COT : Downtrend ( MM-Last Week)
Daily COMEX Vault status : Withdrawal(Lowest Level since Sep 2020)🔔
POC: Uptrend (Previous day )
S1 :1702.09
R1:1720
PD Low : 1705.86
PD High:1723.76
DXY Last day candle :Bearish
For today and from the price action it seems that that buying is still limited in the Gold ,we have seen that gold tried to trade above 200MA on 15 Min TF but soon after a good bounce it retraced back under the 200 MA and it shows that it is still under selling pressure .
For today main zone in focus is 1698-1702 , if gold able to hold on this zone then we can expect some bounce from this zone and if gold breakdown this zone then more decline ahead .
1705 Level is HVN so we have to watch this level also .
☑☑
Today's Outlook:📝 (19/07/2022)
Weekly candle : Bearish
Day Candle: Rejection from top (bearish)🔔
Trend : Down
Major News USD : Housing Starts, Building Permits
Intraday support as per OI: 1700,1675
Intraday Resistance as per OI : 1710,20,25
Price Action Support :1700,1680 | Resistance 1728,1745
CPR : Wide( Ascending)
DJI : - 0.69 %
DXY : -0.58 %
OI : Descending (Last Day)
COT : Downtrend ( MM-Last Week)
Daily COMEX Vault status : Withdrawal(Lowest Level since Sep 2020)🔔
POC: Uptrend (Previous day )
S1 :1702.09
R1:1720
PD Low : 1705.86
PD High:1723.76
DXY Last day candle :Bearish