For the last 3 trading weeks, Gold is very bullish. The market gained more that 6%.
Ahead is a strong structure resistance. If you analyze the price action from February 2021 you may notice that the market is trading within a wide horizontal trading range. 1903 - 1917 is its upper boundary. Once the price reaches that your task will be to look for an intraday confirmation to short. Then a pullback will be expected at least to 1857 level.
Alternatively, a bullish breakout of the underlined resistance will trigger a bullish continuation to 1960 level.
Good luck!
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Well done, still unsure because of the Russia-Ukraine crisis, price might go even higher before a correction. I would wait to take a long after the sell off rather than short it these days.
VasilyTrader
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@Mronejr, thank you for sharing your thoughts bro!!!
DigitalSurfTrading
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Great read. $1909 should drop us below $1800.
VasilyTrader
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@Gumption334, thank you for comment buddy)))
vexlsz
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i personally think it is currently in a false breakout it will go down creating an entry then it will fake a breakout where i will personally sell and then will create another entry and after that it will breakout.
damibabs21
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Totally agree with your analysis, I'm setup to go both ways, provided that structure breaks and a there's a clear movement in price action. I'm not one for fundamental analysis but the geopolitical tension ongoing really has a hold on gold. Dxy should be observed too as it might give a sense of direction (bias), in my opinion.