Gold is trending downwards but at the same time showed a minor Bullish Breakout. I have to see if it is sustained. If price beaks 1890 level again, this breakout is invalidated.
Price has shown strong support at our defined area 1885-1886 I already went into buying this support yesterday where we made good profits. Yet price visited this Zone second time and i didn’t recommend Buy as i was expecting 2nd price visit may break it and will make a new Low.
Anyways Market structure has changed a little bit after gold made reversal from 1885-1886 region without making further Lower Low yesterday Price has made a cup structure which shows buyer are gearing up.
I shall be watching the 1905.50-1907.50 area keenly as this is key area of 200 DMA. I will enter Sell here.
On Fundamental end. Friday Powell speaking at Jackson Hole Symposium is key event it can have impact of FOMC alike. As market is awaiting it anxiously, I don’t see any significant trend change before Friday. I am reducing my lot sizes till picture is cleared more.
However I shall be selling 1900-1907 area whenever I get with Target of 1890.50 & 1885.50
Do comment on the idea and odds.
Good Luck for you trades
________________________________
This is for knowledge purpose not investment advice
Price has shown strong support at our defined area 1885-1886 I already went into buying this support yesterday where we made good profits. Yet price visited this Zone second time and i didn’t recommend Buy as i was expecting 2nd price visit may break it and will make a new Low.
Anyways Market structure has changed a little bit after gold made reversal from 1885-1886 region without making further Lower Low yesterday Price has made a cup structure which shows buyer are gearing up.
I shall be watching the 1905.50-1907.50 area keenly as this is key area of 200 DMA. I will enter Sell here.
On Fundamental end. Friday Powell speaking at Jackson Hole Symposium is key event it can have impact of FOMC alike. As market is awaiting it anxiously, I don’t see any significant trend change before Friday. I am reducing my lot sizes till picture is cleared more.
However I shall be selling 1900-1907 area whenever I get with Target of 1890.50 & 1885.50
Do comment on the idea and odds.
Good Luck for you trades
________________________________
This is for knowledge purpose not investment advice