GOLD| technical analysis | 3 August 2020
the current levels have a lot of rejection from sellers so we are not gonna see the prices go up until we break the current levels at 1983
so we basically have 3 scenarios
1- the prices will drop from the current levels until the next zone at 1939-1944 and at these levels we will try to find a buying opportunity with a nice price action and our first take profit gonna be at 1983
2- the prices will break through the current levels and then we go buy targeting 2000$
3- the prices will break the zone at 1940 and drops till 1914 but i don’t recommend selling when break 1940 because it’s gonna be against the trend and we should wait till 1915 to look for a buying opportunity and our first take profit will be at 1940 then 1983
so we basically have 3 scenarios
1- the prices will drop from the current levels until the next zone at 1939-1944 and at these levels we will try to find a buying opportunity with a nice price action and our first take profit gonna be at 1983
2- the prices will break through the current levels and then we go buy targeting 2000$
3- the prices will break the zone at 1940 and drops till 1914 but i don’t recommend selling when break 1940 because it’s gonna be against the trend and we should wait till 1915 to look for a buying opportunity and our first take profit will be at 1940 then 1983
Trade active:
we are in the second scenario right now i thinks we will reach 2000 and the second target at 2040$