Hi Guys, I'm back with another analysis on gold.
In my last idea I highlighted a supply area around 2002 and a demand area around 1979 which price reacted to both of them perfectly and ultimate result was a substantial profit. Now pretty much same levels reside on my chart and second reaction to these levels could be expected should price reach them. Today as the market opened price started selling off to the point of QM level which was formed on Thursday and currently is moving higher toward a resistance level. which could drive the price down and give us a good profit.
If our immediate demand and supply levels break there are other levels below and above them which could turn into lucrative opportunities. As always I'm gonna update this analysis as price progresses toward each direction.
Be honorable
In my last idea I highlighted a supply area around 2002 and a demand area around 1979 which price reacted to both of them perfectly and ultimate result was a substantial profit. Now pretty much same levels reside on my chart and second reaction to these levels could be expected should price reach them. Today as the market opened price started selling off to the point of QM level which was formed on Thursday and currently is moving higher toward a resistance level. which could drive the price down and give us a good profit.
If our immediate demand and supply levels break there are other levels below and above them which could turn into lucrative opportunities. As always I'm gonna update this analysis as price progresses toward each direction.
Be honorable
Comment:
Approaching 1979 demand area
Comment:
So market is approaching 1964 demand area. This would be the second time reaction make sure to pay attention
Comment:
reaction to the 1964 area
Comment:
To take a long trade you need confirmation in this demand zone
Comment:
Okay guys we didn't get the confirmation. waiting for the next demand area
