Has Gold formed a Top ?

Jun 9

Friday's Sell Off Definitely Suggests that Neither Central Banks nor China nor any other retailer is interested in buying Gold at such high valuation.

Picture is getting Clearer.

One May look for Selling Opportunity around the Supply Zone.

Gold looks set to test 2200 Zone.

Bullishness Only above 2380.

Below 2380, Bears are going to be under Control.

Bulls may wait for Demand Zones to Build positions again, when the Ball will finally be in their Court.

Currently Bears will look to assert dominance.

Rest of the Analysis on Daily Basis

Jun 10

Note

Going for retest of Supply Zone

Jun 10

Note

250 pips done. Another 200 250 to go..
Trailing SL ON

Jun 11

Note

More bearishness below 2297 only

Jun 12

Note

2335 done. 500 pips done. Supply Zone tested.

Jun 12

Note

Supply Zone respected as of writing!

Jun 12

Note

Supply zone retested.

FOMC could send Gold towards 2200 One

Jun 12

Note

Or above 2380 😅

Jun 12

Note

Observe price action around the supply zone mentioned

Jun 13

Note

As expected!
Supply Zone respected!
Retest and breakdown possible

Jun 13

Note

250 pips and counting

Jun 13

Note

Looks like Gold is preparing for the next trending down move.

May or may not retest the Supply Zone immediately.

Jun 13

Note

Bearishness intensifying

Jun 13

Note

350 and counting.

Jun 14

Note

Jun11 Update: More Bearishness below 2297 only.

Exactly from 2297 Gold has taken support again..

Consolidation to continue.

2334 to 2374 to act as supply Zone.

Let's see if Gold sustains above the Zone or below in coming days.

That will decide the future direction of Gold.

Below this Zone, Bears will be Dominant, And will Try to take Gold towards 2250, 2200

Above this zone, Bulls will try to re-enter, Taking Gold towards 2430 2460

Jun 14

Note

Just don't get bullish yet.. 2334 ko Halke mein naa le..

Only a closing above 2334 will make gold enter consolidation.

Daily closing or weekly closing below 2334, and bears will keep building pressure.

Jun 14

Note

Above 2334, 2355 could be tested

Jun 14

Note

Below 2329, bearishness may sustain

Jun 14

Note

2355 could be tested..

Remember that we are trading in a supply zone

Jun 16

Note

This Weekly analysis will remain valid till the Supply Zone is not broken. That's until 2374 is breached and price sustains above it.

If Gold sustains above 2374, then we will shift to a Fresh weekly analysis.

Even if Gold respects Supply Zone and starts trading lower, a Fresh analysis will be posted.

Until then, will continue to update here only.

Jun 17

Note

Comfortably respecting the supply zone as of now

Jun 18

Note

Supply zones deeper retest likely. 2355 could be tested

Jun 18

Note

That's if gold sustains above 2334

Jun 19

Note

Greater the time spent below the supply zone, more are the chances of bears taking over.

Jun 20

Note

As mentioned, above 2334, Gold is headed for 2355, 2360 zone test

Jun 20

Note

2355 done 🎇

Jun 20

Note

2360 also almost touched

Jun 20

Note

Out of longs

Jun 20

Note

Will look to add shorts below 2355

Jun 21

Note

Gold has taken support around 2355 after Breaking past it, instead of respecting and rejecting from this zone.

Since it did not susatin below 2355, my short positions have not come into play.

2374 zone is the next Crucial Resistance.

If this Zone is respected and Gold starts forming Lower lows, only then the Supply Zone will be validated.

Or else above 2374

We are looking at 2430 2460 zones.

If the Supply Zone is invalidated, will post a New Analysis.

Jun 21

Note

2374 to 2380 Zone

Jun 21

Note

Some may ask why am I not buying.. since it's a Supply Zone and Selling pressure can take my SL.

Will wait for Gold to start trading above 2380 zone to Think of Longing again

Jun 21

Note

Supply Zone still Valid! ☺️

Jun 21

Note

2305 to 2312 may act as demand zone. Bearishness to intensify below this zone opening 2250 2260.

Jun 21

Note

A weekly closing below 2332 will make a strong case for Bears

Jun 21

Note

500 pips and counting

Jun 21

Note

Don't be surprised if there's a Blood bath..

Jun 23

Note

Into the 3rd week and Gold has been kind enough to allow me to continue with the same weekly Analysis idea for this long.. let's see how far does it go..

Jun 25

Note

Comfortably below the Supply Zone! 2nd day into the 3rd week 😇

Jun 25

Note

2355 retest is likely if Gold sustains above 2323

Jun 25

Note

Quite some selling pressure from the marked Supply zone. Will look for selling below 2323

Jun 25

Note

2310 2300 below 2323 could be tested

Jun 26

Note

2290 coming into the picture

Jun 26

Note

Two big targets opening up.

2290
2260

Jun 26

Note

2310 done

Jun 26

Note

If Gold sustains above 2310, a decent bounce upto 2330 is possible before more bearishness.

Jun 26

Note

2290 on the way

Jun 26

Note

Higher time frame is so relaxing and profitable.

Comfortably respecting and rejecting from our Supply Zone ☺️🙏

Jun 26

Note

I'll book shorts full at 2260 zone

Jun 27

Note

Keep watch on 2338 2328 Zone

Whether it Respects or Breaks it.

If respected, More Bearishness.

If Broken, More Bullishness.

Jun 27

Note

At the supply zone mentioned (2338-2328)

Jun 28

Note

Gold is at Crucial juncture.

2328 to 2338 is the immediate Supply Zone.

Which is likely to provide some resistance.

If respected, Bearishness could continue.

If Broken, then 2355 zone could be retested.

If 2355 is respected, then consolidation followed by breakdown is possible.

If 2355 is also broken, then Shorts may cover till 2390.

Bullishness will establish only above 2390.

Jun 28

Note

2375 to 2390*

Jun 28

Note

I'll short only below 2320.

Above that

2380 could be tested

Jun 28

Note

Price if starts to trade below the marked supply zone

Bears will take over again

Jun 28

Note

Yes I'm bearish below 2320

Jun 28

Note

2295 breakdown

Would take gold to 2222 in no time

2260 might provide some support, but the way price action is shaping up, I won't be surprised to see Gold taking support around 2222 directly.

Coming Week will be very critical.

Bulls may come under pressure below 2320 2315

Jun 29

Note

Hatrick of Weeks under the Supply Zone!

Jul 1

Note

2330 value area to short

Jul 1

Note

Shorts will cover only above 2341

Jul 1

Note

Not to come of as adamant..

But I believe that according to the technical analysis, we will remain bearish unless gold starts trading above 2385 2390

Jul 1

Note

Again Value area to short 2330 😅

Ab kya kare.. Gold Bullish trades nahi de raha to..

Jul 1

Note

2300 likely to be tested..

And this time, it may not be respected..

Next 2250 -60
2220-30

Jul 1

Note

Above 2335, I will look for longs till 2365 2375

And Depending upon price action and whether supply zone is respected or breached, our view may change

Jul 1

Note

2355*, 2365, 2375.

If Gold tests 2385 2390 Zone

I'll be surely Bullish on Gold

Jul 1

Note

2355, 2365, 2375 only only if Gold sustains above 2341, Although SC may begin from 2335, confirmation will be on sustaining above 2341

Jul 2

Note

XAUUSD
Given the recent Behaviour of Gold,

The One of Hunting SL around common Chart patterns on smaller TF,

I would remain bearish unless gold trades above 2390

Jul 2

Note

2320 about to break?
Failed inv HNS?

Jul 2

Note

I won't be surprised if gold tests 2355 before falling..

Another SL hunting for liquidity clear out..

May happen if sustains above 2341

Jul 3

Note

2355 done

Jul 3

Note

2355 to 2360 is supply zone
Look for rejection to short

Jul 3

Note

No rejection..

Next target 2374

Jul 3

Note

A rather deep retest of Supply Zone..

With the kind of buying witnessed, Bearishness Will prevail only below 2320..

Price could ping pong between 2390 and 2320 before Giving breakout on either side..

If sustains below 2320, then more bearishness is possible.

If sustains above 2390, then Bulls may take Gold to 2430 2470 levels..

Jul 3

Note

Upon sustaining below 2360, will short with SL above 2365

Jul 3

Note

Below 2353, Fall may be sharp. Taking Towards 2330 2320

Jul 4

Note

No signs of rejection from 2360

Jul 4

Note

Rejection coming into the picture

Jul 4

Note

No followup selling.. Dip is being bought.. Bullishness to continue on sustaining above 2354

Jul 4

Note

Trading in the retracement channel
2348 could be tested

Jul 4

Note

May trend outside the retracement channel

Jul 5

Note

2380 2385 may act as crucial Supply Zone.

Look for rejection from here to short.

Jul 5

Note

And if Gold tests 2390, Then Look for Buying the Dips Only.. Since ChoCh will be evident

Jul 5

Note

If Gold doesn't spike, Then shorts will be aggressive below 2353 from current levels

Jul 5

Note

CMP 2364

Jul 5

Note

Data is absolutely favourable for More Bullishness in Gold..

Jul 5

Note

Zone invalidated at end of the month

Jul 5

Note

New Idea coming week

Jul 5

Note

Buy The Dips