Gold Intraday Signal Wednesday 16-08-23

Yesterday wicks gave a hint about what Gold is up to. It made me put my entry at BE and then hit it, however price made to my TP area afterwards. Now Algos are going to play the trick. They have set our minds totally on bearish sentiment. All the technical and fundamental aspects are indicating down trend, but the Gold may take the strong support of 1903 to make a huge retracement towards 1918-23 by breaking today’s resistance of the day 1906 at 50%. However the trend is still down in H1 H4 so we may take a quick sell at this point and BE our entries ASAP. Sma44 is on the top of this point to provide further resistance. If failed then do not try to engage further. Day by day larger TF are turning their direction towards north so be careful and do not hurry in entering the market.

Comment:

TP HIT 1906 to 1901