Okay, so what kind of situation we currently having in GOLD...
We have seen that prices make a great retracement towards upside after testing strong support at 1795 -1790 region and closed at 1809 which is still a strong resistance zone.
Okay so how do we approach this situation?
Now if you have any longs open you can close them here as we need to see price...
Okay so, gold has been on a bullish run from this year starting... Haven't bought yet?
Yesterday analysis on gold we gave a range in which gold is currently residing for now.
We have seen the price action for yesterday's candle and will suggest you to take long if it satisfies your strategy.
According to me, BUY GOLD NOW IT'S NEVER BEEN TOO LATE
A break above...
Okay, so it's been some days since our last analysis. We have been waiting for this opportunity on XAUUSD :)
GOLD got resistance around 1780 region and now we are expecting a retracement towards 1720 region and have to see price action in that region. So, this is a great opportunity to capitalize for sellers.
So, for now buyers have to take a break till 1720...
This Week XAUUSD traded in a range of 1740-1700 approx. Market have been flat no bulls and =no bears came in action this week.
Our last analysis showing the head and shoulders pattern may be rejected now as the momentum towards upside is not seen as expected this week.
So, what now?
We have been bullish on gold always but this time we might be shifting our view...
Okay so, what kind of situation we are looking here in XAUUSD pair?
Yesterday, prices fall back to the 1720-1725 region which we told earlier that will serve as a buying opportunity for us.
We were expecting this pullback in gold as prices opened up in a gap on Monday.
So, what should be our plan?
According to us, take a buy position here and our 1st target...
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.