GOLD MAY RETRACE TO 1892-1897 ZONE IN THE FIRST INSTANCE
Dear Traders,
Gold continued its uptrend on the 26th of January 2023 and but could not go past 1949.1 and then gave convincing double top in 4hr time frame and later close below the previous daily high of 1942.4, that gave me the confirmation I needed to sell at a retest of 1742-1744 zone and we exited the trade at 1922, where my buy trade set up activated with the hop of bullish continuation but the metal resisted the uptrend as it rejected 1932 area.
That gave another confirmation that gold was not ready for the upside and that made us enter a new sell at the retest of 1932 which has also done over 100 pips in profit.
New supports levels are 1720/1717/1711/1897-1892
A break and closure below 1892 will be a confirmation for sell continuation, otherwise gold may make a new high today.
This might also just be the rising wedge price action playing out.
There are 3 major news on the USD today, so it would be advisable to exit gold before any of the news to observe if key support levels would be respected for buy or broken for sell continuation.
Happy trading.
Gold continued its uptrend on the 26th of January 2023 and but could not go past 1949.1 and then gave convincing double top in 4hr time frame and later close below the previous daily high of 1942.4, that gave me the confirmation I needed to sell at a retest of 1742-1744 zone and we exited the trade at 1922, where my buy trade set up activated with the hop of bullish continuation but the metal resisted the uptrend as it rejected 1932 area.
That gave another confirmation that gold was not ready for the upside and that made us enter a new sell at the retest of 1932 which has also done over 100 pips in profit.
New supports levels are 1720/1717/1711/1897-1892
A break and closure below 1892 will be a confirmation for sell continuation, otherwise gold may make a new high today.
This might also just be the rising wedge price action playing out.
There are 3 major news on the USD today, so it would be advisable to exit gold before any of the news to observe if key support levels would be respected for buy or broken for sell continuation.
Happy trading.
I this happens I would be looking for re-entry for sell between 1922-1929 zone after the daily candle close and at market opens. with very tight stop loss.