GOLD MINI FUTURES IF BREAKS THE NECKLINE RESISTANCE OF 52,200 THEN 54,120 AND 55,670 LEVELS MIGHT COME SOON. STOPLOSS IS ALSO GIVEN. IT SHOULD BE BELOW THE RECENT LOW OF GOLDM FUTS.
Xauusd trending within the triangle from the August, and it tries to escape down from triangle in mid of september, strong resistance above the head push the price lower and added to that Dollar index also looking bullish at the same time, Rest of the week could be the sellers domination in this pair.. expected to go down atleast 1890 area..
Note - price action...
H4 - Bearish trend pattern.
Currently, it looks like a correction is happening.
Until the strong resistance zone holds, I expect the price to continue lower further.
GOLD - Looking strong at this point of time on bigger time frame as well,
My approach should be a buy here at current price 1969
Potential upside 1990-2004
Maintain Stop loss around 1958
Follow the levels properly as mentioned and use proper risk management.
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Why you should...
Still there is no good news about any vaccine regarding COVID-19, there is still heavy hedging by investors in Gold to protect their funds. Gold is within the accmulation zone and has been range bound in the last few weeks.
Downside breakout was tried but failed and bounce back was seen in the last 2-4 trading session.
GOLD is bullish.
Midterm forecast:
While the price is above the support 25.65, resumption of uptrend is expected.
We make sure when the resistance at 29.85 breaks.
If the support at 25.65 is broken, the short-term forecast -resumption of uptrend- will be invalid.
Technical analysis:
The RSI uptrend #1 is broken, so the probability of resumption of uptrend is decreased.
While...
Midterm forecast:
While the price is below the resistance 43.75, beginning of downtrend is expected.
We make sure when the support at 37.10 breaks.
If the resistance at 43.75 is broken, the short-term forecast -beginning of downtrend- will be invalid.
Technical analysis:
There is a divergence in RSI and price between the peak at 40.565 on 2020-06-08 and the...
