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Gold precisely as I shared in yesterday’s update that 2080 levels should be a greater resistance for gold because beyond that is where the bull will take over precisely we have seen gold reversing from 2079 280 Zone and it has gone lower and created lower lows towards 2055 56 now
What to expect from gold today which position we should take in order to profit we will see with the help of charts and indicat today the eyes will be on three key events one is the JW’s jaob openings that is just 30 minutes later after the US Market opens then the
Same time we have the ISM Manufacturing PMI yes this may have an impact on the gold prices as well mostly it will impact indices and then later in the day we have the fomc minutes this is definitely going to bring volatility you can see the red Smiley here this suggest
The impact on the market you can find the details on my platform Forex fun F do the three swing events now let’s have a look with the help of charts and indicators and towards the end I will give you the trading levels and strategy for the day watch till if you’re new to
The channel subscribe to the channel to get the latest updates this is the first update for the day the next update I will release before the US session watch that as well and if you support the effort become a member just join press the join button next to the Subscribe
Icon in the channel and on the video look at the early charts on the early charts you have seen gold creating lower lows and lower highs here trying to trade in this sideways bearish channel the highs again at 2075 are going to play a major role above 2075 is very
Little more bullishness can be confirmed now if you look at the movement here it has formed a good base and after creating the base you have seen price is rising on the upwards towards 2065 we have seen on the early charts moving averages again crossing over bearish signs Divergent bearish prices were
Divergent from the moving average it has converged towards this certainly getting getting a little resistance here only buying entry today I will recommend is above 2067 Zone but again 70 71.5 with the first resistance 75 76 is the next and then 2080 levels yes these three levels
Are going to play a major role in deciding the future of gold now after good bullish candles on the early charts we are seeing it swing possibly once it stays below 2062 and rather I will say 2058 that is the point of time where we can say that
The prices are bearish a stock itic has come to overbought levels look at mag crossing over here at the bottom it can continue to give fewer more Greener candles from here RSI is flat coming to two likewise on the 2our charts see on the 2our charts there is a major event
That is 20 and 50 period crossover now this crossover is seen after a long time this was almost 3 to four weeks back where we have seen it crossing over on the buy side and now it is Crossing on the sell side also another observation here is prices were Divergent from the
Moving average it is just trying to converge now this is the point where it is getting maximum resistance and that is why I say let it stay above 20 6768 Zone and we can expect little more rise and then 70 71.5 will be the first resistance Zone next observation is the
Look at the movement here see the drop the retracement then the drop and again trying to retrace if you just connect the dots you’ll find the next resistance here at the highs of 2075 76 stock High stick is rising mag has seen bearishness it was Divergent it is trying to
Converge this crossover can bring little bullishness RSI Rising as well coming to three likewise on the three chart see it is trading bearish in this channel the lows again are close to 2050 levels and one more observation here is see the drop retracement drop and retracement
Now it is looking upwards also you can see the moving averages have started to converge but none of the moving averages have crossed over yet on the 3 hour charts here as well 6768 should be a good resistance on the upside and 7072 then in fact we have
75 very very closer resistance for now on the three-hour charts is stock I stick rising from the bottom magd has seen bearish move it is trying to converge it has not yet crossed over RSI almost flat coming to 4our chart see on the 4our charts prices have prices were Divergent from the
Moving average it has converged towards the 50 period it has just taken the support from the 50 period and trying to reverse trying to rise look at the four candles getting very strong support here at 20 58 levels with these levels it is trying to now if you look at the pattern
Here see the similarity this was the support after the drop we have seen preceding candles forming lower lows since then we have seen it retracing then lower lows here again forming the base here it is trying to reverse so similar pattern it is trying to form creating lower highs lower lows here we
Have to Be watchful if it continues to rise how it behaves at around 75 76 Zone possibly that is going to be the resistance and from those levels we can see it reversing that is one probability stock I stickers hit a bottom magd is Divergent magd is bearish and it is
Trying to converge with this is the first Greener candle just wait for the second green candle if you see it is staying above 67 68 possibly we may see it further Rising towards 70 72 levels and then 75 RSI Rising as well coming to the Daily and before we look into the
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To me for more details now look at the daily on The Daily charts every time we have mentioned that prices are Divergent from the moving average and that is what we are seeing slowly and steadily prices trying to converge towards the moving average though the moving averages is
Rising as well yes all the moving averages are layered one over other that is a sign of bullishness here also the median of the Binger bands now situated at around 2040 now this is the Zone which I am looking forward to if the price is now see first thing is where to
Sell uh and remember the day has just started it is trying to move upwards yes it can still show you the swings look at what has happened yesterday and if you just Connect the Dots here you will find that there is a POS possibility of a stronger SS I will observe how it
Behaves see first of all 2075 is going to be a greater resistance for the day if you connect this 2075 2080 zone is something you should watch out for and in fact achieving those levels also prices May reverse thus you have to be cautious the day has just started right
Now it appears to be trading with a little bullish bias but this bullishness can erase what has happened yesterday can replicate also look at the movement here see this was the first red candle with a little tail on the downside now this suggests that once the price is
Stays below 2058 you can initiate a selling position for 2055 and then on the downside 2050 48 and then in fact I will look forward to 20 40 levels this time yes it may try to converge towards this Zone Zone there is a possibility but look at the stock itic
This is hit a bottom magd is trying to converge and uh I have shown this several times look at the moment see these are the Peaks here for gold with those as Peaks this is a Twin Peak after that we have seen retracing retracement now I will wait for it to cross over
This crossover may bring bearishness in gold for the near future RSI is comfortable considering this I will recommend buy here at 6768 wait for 7072 as the first resistance 75 76 at the next and then 880 levels as long as 2080 is respected possibility of a reversal
Will be very very high thus we have to be cautious in fact I will expect it to reverse and get resistance at around 2075 76 levels itself that is first possibility yes these levels are very much achievable thus you can buy at 2067 68 but remember these gains can get
Erased and does you have to just trade as per the levels on the downside once you see the price is staying below 2058 you can initiate a selling position 2055 first Target and then 20 4850 the next Target below this directly it is going to land at 20 40 levels take your trades
Accordingly wait for the next update before the US session and also do like share subscribe and comment friends your every like is a comment and share is a great motivation for me and join the mentorship bad join the signal Channel and join the webinar series which is the
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3 Comments
Thank you sir
Sir…thanks
Thank you very much