This whole week is going to be a new challenge every day. Day one ended successfully. Lets C what Tuesday is bringing for us. Today Official announcement is expected by G7 that might make the Gold highly volatile.
Okay, as per Fibbo H1 directing south and the price have already made 90% of the travelling towards the level of 100%. What is Next? This 1818-23 is being a strong SNR in the past and well known for pushing the price either side. If D1 starts closing under it, then the push will be towards The Great Wall 1778-83 and if the price keeps closing in D1 TF above it, then it has the tendency to push it as high as MACRO FIBBO 50% 1870. Now for Intraday price action have to deal with two resistances one at 1818-23 and next 1828-33 where still BB44 mid band and Sma200 is located. One more thing to be considered that Sma200 of D1 and H4 both are at resistance combined with BB44 mid band. Adding more to it price is nearing W1 descending trend lines (W1 charts shared yesterday)
Only price sitting at MACRO FIBBO 61.8 1823 which can be taken as last hope for bulls.
So for the sake of entry a HRS is just located under 1818-23 with a SL of 1825. Otherwise there is a chance that price may test 1828-33 making a MRS with SL 35. I am using tite SL because for this whole week situation will be very volatile. There are certain huge spikes are expected through out the week. Therefore, I will not be entering more after taking a sell as mentioned. I will wait for the US session to seek a top or bottom and enter on retracement if the momentum clearly dies. Otherwise staying away from the market for this week is the best option.
Okay, as per Fibbo H1 directing south and the price have already made 90% of the travelling towards the level of 100%. What is Next? This 1818-23 is being a strong SNR in the past and well known for pushing the price either side. If D1 starts closing under it, then the push will be towards The Great Wall 1778-83 and if the price keeps closing in D1 TF above it, then it has the tendency to push it as high as MACRO FIBBO 50% 1870. Now for Intraday price action have to deal with two resistances one at 1818-23 and next 1828-33 where still BB44 mid band and Sma200 is located. One more thing to be considered that Sma200 of D1 and H4 both are at resistance combined with BB44 mid band. Adding more to it price is nearing W1 descending trend lines (W1 charts shared yesterday)
Only price sitting at MACRO FIBBO 61.8 1823 which can be taken as last hope for bulls.
So for the sake of entry a HRS is just located under 1818-23 with a SL of 1825. Otherwise there is a chance that price may test 1828-33 making a MRS with SL 35. I am using tite SL because for this whole week situation will be very volatile. There are certain huge spikes are expected through out the week. Therefore, I will not be entering more after taking a sell as mentioned. I will wait for the US session to seek a top or bottom and enter on retracement if the momentum clearly dies. Otherwise staying away from the market for this week is the best option.