Reversal or a Retracement?

Mis à jour

Gold witnessed some decent profit booking at end of the week.

Keeping it simple

2320 is going to be the Zone.

If respected, We may see retest of 2400 zone

If Not, then 2275 may provide some support.

Although Stronger Support Zone happens to be around 2220 2200 levels.

Rest of the analysis in coming days.

Note

Gold has seen significant Buying from 2320 zone as expected. Having falied to create lower low. Higher high is possible

Note

Gold Coming for 2410.

Analysis Hits Bulls Eye

Note

Daily Candle Closing Is Seriously Bullish..

Don't attempt to Short!

Look for Longs Only. Atleast till 2450

Note

Decent Buying from 2360 Zone.. More Bullishness if sustains above 2360 zone

Note

Gold needs to sustain above 2380 for more Bullishness, or else consolidation to begin

Note

Sustaining above 2380!

2410 and above

2450
2480
2530

Open up

Note

Gold has not shown the anticipated momentum.

More Bullishness Only above 2385.

Or else some more consolidation possible

Note

If Gold sustains below 2380,

Retest of 2340 zone possible

Note

Failure to sustain below 2380.
ATH likely

Note

Choppy Sideways Consolidation has begun.. Wait and watch..
2340 expected to be decent buying zone

Note

In longs from 2384

Note

Trailing SL hit

Below 2380 Shorts opened for 2340 zone

Note

Half booked at 2360
Half Trailing SL taken.

Decent Demand in 2360 area as well..

Possibly preparing for next rally.

Note

Observe price action around 2340 2345 zone.. it is a very heavy demand zone.

If anything wait for long entries

Note

If Gold sustains below 2340, Then below 2323 next support around 2290 only

Note

Going by the Strength of the bounce from 2350 zone,

Whether or not 2345 will be tested, only time will tell

But for now SC above 2385 looks likely

Note

Till the time Gold is above 2375, More Bullishness is possible.

Some more consolidation testing 2365 2350 possible if 2375 zone is broken

Note

2410 Hit

Note

Unless Gold starts trading below 2350,
we are ready for the next rally

Note

Next Weekly Analysis coming Weekend

DrAnandM

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