Yesterday gold closed with red in daily chart. This is happening everytime when there is a life time high volume in one day. However gold just tested the 50% Fib level and is healthy retracement for further bullish trend. The war is still going and hence we may expect the trend to change only when war stops. For the trend to reverse gold has to fall below 1880. Above this level there is high chance for gold to test its previous resistance levels upto the life time high at 2075.
Today 2000 is acting as resistance and 1970 support till London session. The volume is also comparitively low. There are many important news in US session. So we may expect price to react at that time.
I suggest to go for long trades today
BUY 1980-1990 SL 1965 TP 2020
SELL 2020-2030 SL 2035 TP 2000
SELL any price above 2050-2055 SL 2075 TP 2000
The strong support for today is 1925
The other important support levels are 1950 and 1975.
Technically gold may retest upto 1950 if selling pressure is high. Once price is able to close above 2000 in 4 hrs we can expect fresh buying
I would like to say that yesterday I missed one point. After the price started going above 1975 it did not look back and went upto 2070. So there is gap. The pull back filled this gap and now we are good to go for new highs.
Today 2000 is acting as resistance and 1970 support till London session. The volume is also comparitively low. There are many important news in US session. So we may expect price to react at that time.
I suggest to go for long trades today
BUY 1980-1990 SL 1965 TP 2020
SELL 2020-2030 SL 2035 TP 2000
SELL any price above 2050-2055 SL 2075 TP 2000
The strong support for today is 1925
The other important support levels are 1950 and 1975.
Technically gold may retest upto 1950 if selling pressure is high. Once price is able to close above 2000 in 4 hrs we can expect fresh buying
I would like to say that yesterday I missed one point. After the price started going above 1975 it did not look back and went upto 2070. So there is gap. The pull back filled this gap and now we are good to go for new highs.