Hi guys, I'm back with another gold analysis.
So currently price is below 1943 supply level and has already touched it once. If price breaks below then demand level at the bottom around 1928 could be a possible long opportunity. and if the breakout is to the top then 1952 level is the potential sell side area. In addition to having a supply level around 1952 also a trendline exists so it makes it much more reliable then a normal area of supply. But before we get there price has to go through the resistance level which is around 1945.
Make sure you have these areas on your chart and act accordingly upon market reaction.
Be honorable
So currently price is below 1943 supply level and has already touched it once. If price breaks below then demand level at the bottom around 1928 could be a possible long opportunity. and if the breakout is to the top then 1952 level is the potential sell side area. In addition to having a supply level around 1952 also a trendline exists so it makes it much more reliable then a normal area of supply. But before we get there price has to go through the resistance level which is around 1945.
Make sure you have these areas on your chart and act accordingly upon market reaction.
Be honorable
Comment:
Price is still below the supply level of 1943
Comment:
Price is in a tight range corner
Comment:
So price did go up all the way to 1948, and touched the trendline.
Comment:
Trendline is broken price could go to the next supply area
Comment:
CPI news heavily impacted the market
Comment:
Perfect reaction to 1971 level. 60 pips in profit
Comment:
More than 90 pips has been gained from the 1971 sell side
