FX-trader-

FX-trader- Updated 

1. Gold has reached Daily supply zone 1957-73 2. 1960 is also the lower end of long term Weekly supply zone. 3. Gold is also near the top of the descending channel from May 2023 high 1981.82 4. Fall in DXY and drops in US yields did not lead to growth in Gold today. Sell in the 1957-1973 supply zone for : Short term targets - 1925/1912/1902 Medium term target -...

FX-trader- Updated 

1. Global trend continues to be bearish starting 4th May, 2023 with 2081.82 high and 1893.12 low (as of now) on 29th June, 2023. 2. Local trend has become range bound again with Local Supply zone 1930-40 and Local Demand zone 1885-1902 . 3. Local Supply zone 1930-40 coincides with Daily supply zones 1935-48 & 1948-85 . 4. Market is testing the newly...

FX-trader- Updated 

The long trade achieved target 1974 on a single day as published in previous idea. Price rejected from the resistance area 1971-85. DXY strove to 104.69 high and is showing strength above 104 with higher US JOLTS Job Openings. Sell Gold for a drop to first target support 1945 . Any further rise to around 1955 would be another good opportunity to sell again for ...

FX-trader-

Price rejected from 1992-88 resistance on Friday and could not climb to 2000 as hoped by many traders. Today morning we saw a sell-off from 1992 to 1981 in first 4 hours of Asia session. Market is discounting 25 bps hike by US FED this week. Policy statement will be watched out to see if US FED is still hawkish for June FOMC or not. Happy Trading!

FX-trader-

Multiple price rejection from Resistance 1998-2015 will eventually push price lower to Support 1930-1950.

FX-trader-

Descending channel target is at 1950 which is also the next support level after 1981 support has turned a resistance now.

FX-trader-

Medium term ascending channel is broken for the 2nd time this week itself.

FX-trader-

Head & Shoulders active with break of 1981, Target 1914

FX-trader-

The big fall from high of 1948 is within a descending channel leading towards the base of double bottom at 1981 to break it.

FX-trader-

With break of the small channel, price can drop to test 1981 again which is the base of the descending triangle. Failure to sustain above it this time will make the trend bearish.