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.
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What is Analysis? Gold can go anywhere up and down. Everyone knows that. If you have to submit your analysis, do a one-sided analysis. Otherwise don't analyze.
Jee_D
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@Junaid, Either you can not read my analysis above or not. I already write clearly about the gold.
JoeGreenPips
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The market is is an hunting mode, Gold last week move taking off the previous recent highs was fake, I was in good profits, but I didn't even break even I was taken out and it took me hours if not days to find an answer to my question because I analysed Gold to tank
Jee_D
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@JoeGreenPips, That happens because gold sideways between 1832.935-1764.185/1750.9. If you facing sideways market, you must open position on the key S/R. From there, you can set appropriate stop loss. Anyone who take position in the middle of the sideways market can get whipsaw or market touch stop loss easily. Anyway, good luck in your journey.
UnknownUnicorn493766
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With that 2nd last 4hr candle - I m not sure how you would get a bias up or down. It took out both buyers and sellers. Good Luck
Jee_D
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@gremic, If market make a false break of resistance/support, this indicating the power of the party who dominating market at that time weaker. Hence, because gold make a false break on 22nd Oct last week, this indicating sellers strong. But as you can see, buyers also fighted back with long lower wick at that time. This indicating, market still possibly going up and test again the last resistance. If sellers strong, in this area , they will pushed price down again. And this will prove that sellers took control now. Besides, if you analyse carefully about gold in daily chart, sellers dominating now but giving pressure to buyers so they can not make price go to 1907 again . So, good luck