Gold has been bearish for a long time now and came to 1800 after touching all-time highs of 2075.
So, what's next??
Currently, gold prices are at a support zone of 1800-1780. So, it may be a good time to enter a long here but entry will be taken if the rules are satisfied with the strategy.
We will be looking for 1860 as our target which is now turned...
Okay, so what kind of situation we are having on gold?
We have a break above 1950 region which was an important resistance which is now turned support. Before this market was consolidating in the region of 1910-1950
Now, how we will approach this situation?
We have a break of structure on daily we will be looking for long position on the retest of the support...
Okay so, we have been looking for a long entry in gold!!!
Here's a great opportunity again to buy gold we have to see the market reaction in this bubble region shown on the chart. if market breaks the trend of downside then we will be taking a long for a target of 1735 as an initial target.
So, keep this on your watchlist and let's see if there's gonna be a...
What is the possible scenario here???
According to me, a W pattern may be forming in the 4 hr chart as we know that GOLD prices are still bullish and also the rejection of the downside is seen again and again in the 4 hr chart.
Also, this region holds support too so, buying can be triggered again here. So, if you have a position open in long then keep it open...
Yesterday, gold prices retraced back to 1740 region. Now, as we said earlier that anyone who took a short according to previous analysis then it's a good time to take profit here.
As gold is a highly bullish pair for now. We might have to see the market reaction at these two points that if it hovers over this 1730-1740 area for some time and our strategy...
Okay so, on Friday we have seen day closing at 1741 with 1751 high. We can see that resistance is provided at 1750 level and is expected too as this region holds multiyear resistance.
So, we have taken a short here as we said in our last analysis on gold. But, on the other hand we need to keep in mind that gold is highly bullish and a little overstretched towards...
We have been bullish on gold lately. This time we have reached out take profit zone also strong resistance will be provided here.
So, if you have a long position open then take your profit here and we can take a short from here to 1700-1710 level as our take profit.
This is the whole idea for now.
STAY UPDATED !!!
Okay, so gold has been confined in the triangle for almost 1 month. It constantly made lower
highs and higher lows!!! And 1670-1685 region holds some strong support as price tested this region so many times but always made recovery from there. Also, 1610-1615 region is tested too many times also.
It is clear that if this triangle breaks above then first...
The triangle pattern is broken in gold and we are now looking towards 1740 target.
It's a great buy opportunity. We have been waiting for this triangle to break this whole time. It happened today. :)
After 1740 immediate resistance will be provided at 1760.
Gold is favored to have ended the cycle up from 8/16/2018 lows where the daily right side is up. The 4 hour is turning down against the 2/24/20 highs at 1689. While below there the metal can continue lower to correct the cycle up from the 8/16/18 lows.