Yesterday gold touched levels near 1828 and because of high buying pressure it rose back to its previous highs near 1844.
Today I see gold may continue ranging in this range. However yesterday the volume is really good in the 4 hour candle that pushed gold above 1829 and also there was a divergence. Both these factors helped gold come back to 1844 in morning.
As I marked this is the fifth wave in this range and if gold is not able to breakout the 1848 or 1828 levels today we can expect it to continue ranging for few more candles.
I suggest to go short near 1842 level with SL at 1849 and TP at 1832
Today I see gold may continue ranging in this range. However yesterday the volume is really good in the 4 hour candle that pushed gold above 1829 and also there was a divergence. Both these factors helped gold come back to 1844 in morning.
As I marked this is the fifth wave in this range and if gold is not able to breakout the 1848 or 1828 levels today we can expect it to continue ranging for few more candles.
I suggest to go short near 1842 level with SL at 1849 and TP at 1832
