Hi Guys I'm back with Analysis on Gold this time.
Last Friday gold touched major supply zone around 1930 and started selling off. It was a perfect opportunity since we had a supply area + trendline, a perfect confluence. Now we could wait for the area to be tested second time and upon reaching there make sure you get the confirmation in lower time frames.
Below the current market price we have multiple areas of demand which the immediate one is 1907 that has been tested once on last Friday and this could be the second time. Again make sure you check for the confirmation in lower time frames.
Beneath our immediate demand level there are other demand zones which you could take trades should price reach there.
Just like always I'll try to keep it simple.
Be honorable
Last Friday gold touched major supply zone around 1930 and started selling off. It was a perfect opportunity since we had a supply area + trendline, a perfect confluence. Now we could wait for the area to be tested second time and upon reaching there make sure you get the confirmation in lower time frames.
Below the current market price we have multiple areas of demand which the immediate one is 1907 that has been tested once on last Friday and this could be the second time. Again make sure you check for the confirmation in lower time frames.
Beneath our immediate demand level there are other demand zones which you could take trades should price reach there.
Just like always I'll try to keep it simple.
Be honorable
Comment:
Great reaction to the sell zone
Trade closed: target reached:
+100 pips was gained from this trade.
