after market broke the bullish pattern last week on 16th May, market is in range no and have no continuous direction. now there are three possible scenarios.
1. As in analysis you can see 1952-1984 is a range zone. so the short call is only possible below 1952-50 zone. But we can see that lower momentum is down so it might cross it or can give a fake breakout because market is already low. So i recommend that if it breaks the 1952 short at 1950 or below that area. our 1st target will be 1944 and 2nd will be 1936 with sl of 1962
2. upper limit/range is 1886 which is still far and if market breaks that point you can long at 1987 for target of 1993 2nd target 1998. but it has vary low possibility in this week.
3. Until market breaks these ranges there is a possibility that market stays in this range 1952-1986 so it can give great opportunity to take small trade you can long below 1960 area with sl of 1950 and short above 1978 area with sl of 1987.
Important: As per DXY it is high and RSI has stop going up and price is still going up soon it will form a resistance and can drop from there so it can push back gold towards upper range of 1886.
Thought: As per today and tomorrow. market will need any news event of fundamental stimulus to move which we are already expecting in US session.
So this was may technical analysis. I love your feedback drop your thoughts and question in comment section and hit like. Thank you.
1. As in analysis you can see 1952-1984 is a range zone. so the short call is only possible below 1952-50 zone. But we can see that lower momentum is down so it might cross it or can give a fake breakout because market is already low. So i recommend that if it breaks the 1952 short at 1950 or below that area. our 1st target will be 1944 and 2nd will be 1936 with sl of 1962
2. upper limit/range is 1886 which is still far and if market breaks that point you can long at 1987 for target of 1993 2nd target 1998. but it has vary low possibility in this week.
3. Until market breaks these ranges there is a possibility that market stays in this range 1952-1986 so it can give great opportunity to take small trade you can long below 1960 area with sl of 1950 and short above 1978 area with sl of 1987.
Important: As per DXY it is high and RSI has stop going up and price is still going up soon it will form a resistance and can drop from there so it can push back gold towards upper range of 1886.
Thought: As per today and tomorrow. market will need any news event of fundamental stimulus to move which we are already expecting in US session.
So this was may technical analysis. I love your feedback drop your thoughts and question in comment section and hit like. Thank you.