Gold move sideways now, and this kind of market often took money a lot from traders (even professional ones). After dropping from 1916.455 on the beginning of June 2021, Gold failed to reach that level again. 3 times gold rebounded from support 1750.89-1764.18 and only succeed to reach 1831.78-1845.7. This indicating that the dominance power in gold shifting from buyers to sellers.
Of course in this situation, we can have high confidence to short only on 1831.7801845.7, don't we?
But regarding the context of market right now, there's still opportunity available in market that still offer profit with minimum risk. To do that, we must trade in H4 below. Last week, gold tried to break minor resistance 1800.68-1805.84 but failed. Market formed a false break in the chart. Actually, there are 2 possible scenarios considering to me now. First, market still try to breakout again and continue to test again 1831.78-1845.7 or Second, market will come back to the previous resistance and drop again from it to below demand zone. I prefer to think bearish in this situation and second scenario interest me more.
Anyway, that is only on the paper strategy. The decision making depends on the live market next week. I draw some important level zones in the chart already and hope that can give you some ideas that help you in trading gold next week.
Do not forget to subscribe on twitter , re-tweet to your friends or subscribe to my channel in tradingview here and sharing to people you know.
May Force be with you.
Of course in this situation, we can have high confidence to short only on 1831.7801845.7, don't we?
But regarding the context of market right now, there's still opportunity available in market that still offer profit with minimum risk. To do that, we must trade in H4 below. Last week, gold tried to break minor resistance 1800.68-1805.84 but failed. Market formed a false break in the chart. Actually, there are 2 possible scenarios considering to me now. First, market still try to breakout again and continue to test again 1831.78-1845.7 or Second, market will come back to the previous resistance and drop again from it to below demand zone. I prefer to think bearish in this situation and second scenario interest me more.
Anyway, that is only on the paper strategy. The decision making depends on the live market next week. I draw some important level zones in the chart already and hope that can give you some ideas that help you in trading gold next week.
Do not forget to subscribe on twitter , re-tweet to your friends or subscribe to my channel in tradingview here and sharing to people you know.
May Force be with you.