5Feb24 Idea Gold Market Bias Neutral - Need to be cautious
XAUUSD
5Feb24 Market Bias: At present Market is still showing Bullish Bias as it is above 10EMA(2036).
On Daily TF:
- 2Feb24 candle is Bearish but NOT BEARISH ENGULFING with rejection wick from downside.
- 2Feb24 daily candle is still above 10EMA.
- We are placed exactly at the middle of Bullish and Bearish swings.
For Bearish Swing Confirmation:
- Minimum requirement is daily candle open and close below 50EMA(2022)
- Daily candle closing below 2001 is the market structure shift to Bearish Bias.
- Bearish swing Targets are 1997 and 1964 levels.
However, historically Feb months take 200EMA (or 100EMA) as support and target ATHs in April and May. Need to be cautious and take step wise approach.
For Bullish Swing Confirmation:
- If Daily candle close above 2089 then Bullish swing is confirmed.
- Bullish Swing Targets are 2089, 2117 and 2183 levels.