Gold is in value zone trending in downward direction. Gold made a lower high 1724 and is going to make the lower low below 1696 today if it continues in this channel.
So when gold reaches the support and resistance levels of value zone we can go for BUY and SELL orders.
These levels are very risky for SELL as we can see a strong buying pressure at any new low. So be careful if you prefer sell go will small SL.
If we see a breakout from the value zone the strong resistance is 1746 and 1772. So we may go for SELL at any of these levels after breakout. I believe there is order block at 1772 and price should visit this level before taking next direction. In my thought the best level to BUY is 1676 and SELL is 1772.
The strength of the downtrend channel is also reducing. So we can consider bulls to show up soon. However wait for the lower low and take BUY.
We can go for scalping until price stays within the value zone.
SELL 1772 SL 1784 TP 1748
BUY 1686 SL 1666 TP 1714
SELL 1718 SL 1728 TP 1706
So when gold reaches the support and resistance levels of value zone we can go for BUY and SELL orders.
These levels are very risky for SELL as we can see a strong buying pressure at any new low. So be careful if you prefer sell go will small SL.
If we see a breakout from the value zone the strong resistance is 1746 and 1772. So we may go for SELL at any of these levels after breakout. I believe there is order block at 1772 and price should visit this level before taking next direction. In my thought the best level to BUY is 1676 and SELL is 1772.
The strength of the downtrend channel is also reducing. So we can consider bulls to show up soon. However wait for the lower low and take BUY.
We can go for scalping until price stays within the value zone.
SELL 1772 SL 1784 TP 1748
BUY 1686 SL 1666 TP 1714
SELL 1718 SL 1728 TP 1706