GOLD: should maintain the level of 1600 & regain the level of 1750 . Losing 1600 will raise concern & the prices may continue falling. However the internal structure suggests that it should give a push on upside. Buy only Above 1750 closing basis with SL of 1600.
Bullish above 35360 for the targets 35480, 35660, 35820, 35980, 36140, 36380, 36520 and 36680. Bearish below 35220 for the targets 35060, 34880, 34720, 34540, 34360 and 34200.
Sustaining 14990 - 15020 will make the price to move towards 15060, 15110, 15140, 15180 and 15260. Bearish below 14920 for the targets 14880, 14840, 14790 and 14720.
We think gold price 1550 touch next week or 1600 touch and next week 1550 touch. US announced $1.9tn relief package, so we expected gold tomorrow opening some point up and next big price down .🔻🔻
We think gold 2021-2022 price 1430-1330 possible (this forecast details,, we post next update).
If you impress our idea, so like the bottom & Stay with us.
Gold against dollar , pair trending lower for several week from year started, now its almost ready to touch the support at 1655 price zone, we have to wait to witness a bounce back..but Dominating USD affects the Gold moves..
Analysis only for education purposes
One can start accumulating Gold here at this level. It has retraced to 38% from the March lows. Also, the area is a support area. The RSI is also forming a falling wedge.
After a small correction go long on gold, since ending diagonal is formed.
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Explanation on the chart.
The price seems to be rejecting lower levels very sharply and seems to be consolidating above the 200MA on the 1 hour chart. 1900 is also a psychological level that is acting as a good support over the last couple of sessions.
I would consider the current price to be a good entry point on the stock with a medium term perspective and...
Tools Used :
VWAP
Stochastic RSI
Strategy :
1. Look for RSI crossovers (when the blue line crosses the red line either way), in the overbought / oversold zone in particular.
2. For even safer entries, wait for the price to cross the VWAP.
3. Try to buy and sell on or near the lower and upper extremes of the pattern.
4. Look for reversal signals when approaching...
