TECH analysis GOLD : what to expect in coming days..
HI...
We can see GOLD retracing back lower from technical levels , we have confluence of ascending channel pattern resistance and resistance from previous highs...
however GOLD still remain bullish overall , and till it will remain inside ascending channel pattern we will look for potential long setups only if we are trading 4hr or above chart , whereas shorter time frame may also provide ample of shorting opportunities...
We have highlighted major support and resistance levels which can be used to find trading opportunities...
lets look at 4hr and daily chart opportunities first :
since we are bullish on GOLD best place to look for buy will be from IMPORTANT SUPPORT area , but we must also analyse price action near intermediate support and break out towards upside after consolidation can also be good BUY signal..
IN LOWER TF :
In lower TF look for potential sell setup towards intermediate support , or if price break below intermediate support then potential sell towards IMportant support zone... short term sell opportunity also arises if price for any reason moves higher towards channel top , from there we can sell as per supertrend trend change or MA price breakout..
Let us know what do u think about this idea..
thanks..
We can see GOLD retracing back lower from technical levels , we have confluence of ascending channel pattern resistance and resistance from previous highs...
however GOLD still remain bullish overall , and till it will remain inside ascending channel pattern we will look for potential long setups only if we are trading 4hr or above chart , whereas shorter time frame may also provide ample of shorting opportunities...
We have highlighted major support and resistance levels which can be used to find trading opportunities...
lets look at 4hr and daily chart opportunities first :
since we are bullish on GOLD best place to look for buy will be from IMPORTANT SUPPORT area , but we must also analyse price action near intermediate support and break out towards upside after consolidation can also be good BUY signal..
IN LOWER TF :
In lower TF look for potential sell setup towards intermediate support , or if price break below intermediate support then potential sell towards IMportant support zone... short term sell opportunity also arises if price for any reason moves higher towards channel top , from there we can sell as per supertrend trend change or MA price breakout..
Let us know what do u think about this idea..
thanks..