Gold Daily analysis 06.07.2022

OANDA:XAUUSD   Gold Spot / U.S. Dollar
Yesterday Gold smashed every bull. Even I was also bullish and hit SL twice. This is the reason we use SL to not get big loss. Yesterday's market taught me one more lesson to stay away from trading when the setup fails. Yes 1766 was not in my plan and I was expecting the lowest 1792. SL helps in saving losses. So dont be rigid on emotions and be logical.

Today I dont have much to say as I need more data and reaction of price to these new levels to take new trades. Seeing the big bearish candle yesterday and no bulls showing up even at this level of 1765 I think we have more new lows to see before trend reversal. For today I lowered the lower boundary of the value zone and see that the next target is 1746. Since its too risky to go for sell at this price I suggest to wait for more confirmation to go for BUY.

Important levels 1726-1746-1766-1786

Keep in mind that trend is strongly bearish and if you want to trade reversal always use SL.

BUY 1748 SL 1738 TP 1765


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