DrAnandM

Reversal or a Retracement?

DrAnandM Updated   
FX:XAUUSD   None
Gold witnessed some decent profit booking at end of the week.

Keeping it simple

2320 is going to be the Zone.

If respected, We may see retest of 2400 zone

If Not, then 2275 may provide some support.

Although Stronger Support Zone happens to be around 2220 2200 levels.

Rest of the analysis in coming days.
Comment:
Gold has seen significant Buying from 2320 zone as expected. Having falied to create lower low. Higher high is possible
Comment:
Gold Coming for 2410.

Analysis Hits Bulls Eye
Comment:
Daily Candle Closing Is Seriously Bullish..

Don't attempt to Short!

Look for Longs Only. Atleast till 2450
Comment:
Decent Buying from 2360 Zone.. More Bullishness if sustains above 2360 zone
Comment:
Gold needs to sustain above 2380 for more Bullishness, or else consolidation to begin
Comment:
Sustaining above 2380!

2410 and above

2450
2480
2530

Open up
Comment:
Gold has not shown the anticipated momentum.

More Bullishness Only above 2385.

Or else some more consolidation possible
Comment:
If Gold sustains below 2380,

Retest of 2340 zone possible
Comment:
Failure to sustain below 2380.
ATH likely
Comment:
Choppy Sideways Consolidation has begun.. Wait and watch..
2340 expected to be decent buying zone
Comment:
In longs from 2384
Comment:
Trailing SL hit

Below 2380 Shorts opened for 2340 zone
Comment:
Half booked at 2360
Half Trailing SL taken.

Decent Demand in 2360 area as well..

Possibly preparing for next rally.
Comment:
Observe price action around 2340 2345 zone.. it is a very heavy demand zone.

If anything wait for long entries
Comment:
If Gold sustains below 2340, Then below 2323 next support around 2290 only
Comment:
Going by the Strength of the bounce from 2350 zone,

Whether or not 2345 will be tested, only time will tell

But for now SC above 2385 looks likely
Comment:
Till the time Gold is above 2375, More Bullishness is possible.

Some more consolidation testing 2365 2350 possible if 2375 zone is broken
Comment:
2410 Hit
Comment:
Unless Gold starts trading below 2350,
we are ready for the next rally
Comment:
Next Weekly Analysis coming Weekend
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