Gold is in sideways movement between 1835 and 1846 levels. Today we have news on home sales and this is going to be negative for USD because the interest rates are high the sales will be low. Hence I hope news will help gold on making high.
Technically gold is stuck in a descending wedge since its broke out from the yellow bullish channel. This wedge has its support at 1835 and a downward trend line (white colour) is the upper side. If gold is able to breakout from this wedge in 4 hours then we will know the direction. However in theory such wedge will have a bullish breakout.
Also the DEMA for 20/50/100/200 are higher than present price. So the average will also help bulls.
My trading idea for today
BUY 1836 SL 1826 TP 1856
Technically gold is stuck in a descending wedge since its broke out from the yellow bullish channel. This wedge has its support at 1835 and a downward trend line (white colour) is the upper side. If gold is able to breakout from this wedge in 4 hours then we will know the direction. However in theory such wedge will have a bullish breakout.
Also the DEMA for 20/50/100/200 are higher than present price. So the average will also help bulls.
My trading idea for today
BUY 1836 SL 1826 TP 1856