Yesterday the news is in favour of Gold. So there was enough volume to pump up to 1816 level.
But as we can see the long spikes of candles before the news came out telling us about the selling pressure at the levels below 1808.
Fibonacci also tells the price retraced to 62 percent level at 1816 after the waterfall to 1798. So there can be minor pull back.
The rising Covid cases are also helping gold to maintain the bull momentum. So for now we may not worry about big reversals back to 17xx levels.
Today gold will try to stabilize above the 1818 level. But I feel banks are doing longterm buying in the price range 1800 to 1830. So we can see a reversal from 1818 to the value area above 1808 for one more day.
Today there is an important news about US employment. I think this news will help gold to break the 1818 level.
Since the momentum is bullish I will go only for long orders. But first wait for the price to retrace back to 1808 levels. Then we can have SL at 1802 and TP at 1818
We can also go for scalping at 1818 level with short and SL at 1822 TP at 1810
But as we can see the long spikes of candles before the news came out telling us about the selling pressure at the levels below 1808.
Fibonacci also tells the price retraced to 62 percent level at 1816 after the waterfall to 1798. So there can be minor pull back.
The rising Covid cases are also helping gold to maintain the bull momentum. So for now we may not worry about big reversals back to 17xx levels.
Today gold will try to stabilize above the 1818 level. But I feel banks are doing longterm buying in the price range 1800 to 1830. So we can see a reversal from 1818 to the value area above 1808 for one more day.
Today there is an important news about US employment. I think this news will help gold to break the 1818 level.
Since the momentum is bullish I will go only for long orders. But first wait for the price to retrace back to 1808 levels. Then we can have SL at 1802 and TP at 1818
We can also go for scalping at 1818 level with short and SL at 1822 TP at 1810