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Gold has started the week on a bullish note it has now achieved 2070 levels Now new year new beginning new week what to expect from gold today which position you should take we will see with the help of charts and indicators this is the first update for the day the next
Update will be released before the US session and I wish you and your family a very very happy New Year do become a member in this new year of this Channel and support the eff with that let’s start first to look into early look at the early charts here see first of all
Gold was Trading within this bearish channel so far and it has just come out of the bearish channel trying to rise trying to look upward once it stays about 2072 levels possibly Beyond this we can look forward to see 2072 2075 this is the Zone we should watch out for
More closely how it behaves in around 20 72.5 2075 level certainly greater resistance can be expected it is only about 2075 we can expect that prices are trying to reverse now see what is happening right right now rise drop retracement drop retracement drop retracement lower highs lower lows are
Consistently seeing thus only and only if price stays above 75 and then 80 levels you can say that we are looking forward to a reversal also if you look at on the early charts we can see the 20 and 50 period moving averages have crossed over certainly a bearish sign
Here but now both moving averages have started to converge right now gold is trading in this Zone and thus I expect 7 22 75 level certainly going to provide a maximum resistance stock I sck Rising look at the early charts here magd has hit a bottom and now it is trading with
Divergence looking upwards possibly it could try to retrace further up RSI Rising volumes have started to come in coming to 2our likewise on the 2hour charts you can find out higher lows are seen also one must note that see four to five candles getting support here at
2062 levels we have to wait for it to break below these levels and in order to confirm a selling entry also one must note see consistently we have seen multiple candles getting resistance and these last two candles moving on the upside a flat top 2071 2072 levels
Giving it a good resistance so also one must note rise retracement and now looking upwards it can lead to a second bullish wave here on the 2hour charts a stock High stick Rising look at mag sharper drop now trying to converge possibly a crossover can bring bullishness RSI Rising volumes are lower
Here coming to 3 look at 3C how many candles getting support forming a strong base here 2062 levels none of the candles closed below 2062 and with that a support we are seeing this right now remember whenever you see multiple candles forming a strong base it always leads to a little rise and
That is what we can see here but right now it is still forming lower highs lower lows does wait for it to break Beyond 2075 and 2080 levels in order to confirm further rise here if you look look at stock I this is rising the magd beer is trying to
Converge here crossover for a buying entry RSI Rising coming to 4our chart likewise on the 4our chart see uh we can find out this was the bullish Zone price is converged towards 2050 period moving average now looking upwards again bullish sign it is after the drop after the retracement it is looking upwards
And we have to wait for it to just stay above 25 2075 280 Zone in order to confirm reversal also one must note that moving averages are still running parallel and are still trading bullish stock itic is rising magd now look at magd it was trading with Divergence just
Trying to converge a bit means couple of Greener candles it suggests that see unless and until it crosses over which means it has to stay about 2080 levels 2075 levels in order to confirm a reversal what will happen couple of Greener candles it will try to converge
And if it is bearish without crossover it can continue to trade on the downside RSI is rising and if you look at the daily now before we look into the daily charts and I give you the trading levels and strategy if you want to learn this art of trading enroll in my 28th
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Are there in the channel and if you just want to trade as per the signals join my signals channel on telegram now look at the daily chart certainly forming the support here it is trying to reverse flat top it is rising but remember what we are looking forward to we have to
Wait unless and until it forms a breakout beyond the double top levels that is 2075 it is above 2075 we can say that the prices are reversing now once it stays above 2075 see what has happened one must note higher lows higher highs so it is staying in this bullish Channel
And a break below 2060 is where we can confirm that the prices are turning bearish we have to just confirm that this previous candle has to be overtaken the highs are to be overtaken or the lows are to be overtaken once these two are taken you can say either the prices
Are turning bullish or bearish as long as these are respected possibly it is trying to cons consolidate remember it is trying to retrace forming a double top prices might reverse and as long as 2075 or in fact 2080 is not breach we can expect prices can reverse any point
Of time also one must note why prices can reverse any point of time is look at the 20 period moving average look at the Divergence of the price from the 20 period moving average and the median of the Binga bands right now sitting at around 2048 20 uh 38 levels this is the
Zone where it has maximum and also on the daily charts prices have seen good Divergence now see here was one Divergence prices converge now second Divergence prices might try to converge also one must look look at on the daily chart see here this is the original channel in which it is trading eliminate
This breakout and once you see this channel the support levels are far below at 2,000 a stock itic has dropped magd was trading with Divergence it is trying to converge this is a bearish sign a crossover here can lead to bearishness RSI flat and the volumes have just
Started to drop in considering this I will recommend you to buy here at 20 72.5 levels or 2072 levels somewhere here at 72 72.5 you can buy but then wait for it to break Beyond 2075 as long as 2075 is not taken prices can reverse
From 74 74.5 75 it will fetch you 20 30 points Pips but then beyond 2075 is what I will look forward to 20 78.5 280 Zone that is the next resistance level and only and only if price is stays above 2080 you can say now gold has reversed and it is
Continuing into rally on the upside Beyond 280 do not think of selling gold we are looking forward to 2100 and Plus+ levels in this week itself right now it appears the day has just started we will definitely watch out for possibility of a reversal exist and where to sell if
The price is reversed yes you can sell somewhere here at 2062 20 62.5 levels now once the prices stays below 2062 62.5 we can expect 2058 as the first support and Below 2058 is where modest bearishness can be observed below 2058 this time I will be looking
Forward to 2048 levels as the first Target yes there will be a strong possibility that below 2058 we can see bearishness here in Gold we can look forward to 2048 2040 and then below that more bearishness may prevail in the coming few sessions where you can expect
It to move towards further lows take your positions accordingly stay tuned with the more updates next update before the US session will add more meaning to the trading decisions with the US session do like share subscribe and comment friends your every like share and comment is a great motivation
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