Dont consider the path I give as exact direction. I try to show the different tests gold may have before it goes for breakout to next level.
So the test will be for yesterday's high 1852, local support 1840, lower level of value zone at 1828, next resistance near control price at 1864 and finally the strongest resistance at 1878 which is also the upper level of upper value zone. Some of these test may even be skipped if there is enough buying pressure.
In the next 18 hours we are going to have a news about interest rates. This will decide if gold is going to shift to upper value zone or not.
I suggest to go long at prices near 1840 with SL at 1828 and TP at 1852. There is a lot of buying pressure since two days. So I suggest to avoid short trades as we are having a bullish momentum since many days.
Please share your thoughts.
So the test will be for yesterday's high 1852, local support 1840, lower level of value zone at 1828, next resistance near control price at 1864 and finally the strongest resistance at 1878 which is also the upper level of upper value zone. Some of these test may even be skipped if there is enough buying pressure.
In the next 18 hours we are going to have a news about interest rates. This will decide if gold is going to shift to upper value zone or not.
I suggest to go long at prices near 1840 with SL at 1828 and TP at 1852. There is a lot of buying pressure since two days. So I suggest to avoid short trades as we are having a bullish momentum since many days.
Please share your thoughts.
