Friday's Sell Off Definitely Suggests that Neither Central Banks nor China nor any other retailer is interested in buying Gold at such high valuation.
Picture is getting Clearer.
One May look for Selling Opportunity around the Supply Zone.
Gold looks set to test 2200 Zone.
Bullishness Only above 2380.
Below 2380, Bears are going to be under Control.
Bulls may wait for Demand Zones to Build positions again, when the Ball will finally be in their Court.
Currently Bears will look to assert dominance.
Rest of the Analysis on Daily Basis
Picture is getting Clearer.
One May look for Selling Opportunity around the Supply Zone.
Gold looks set to test 2200 Zone.
Bullishness Only above 2380.
Below 2380, Bears are going to be under Control.
Bulls may wait for Demand Zones to Build positions again, when the Ball will finally be in their Court.
Currently Bears will look to assert dominance.
Rest of the Analysis on Daily Basis
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Going for retest of Supply Zone
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250 pips done. Another 200 250 to go..
Trailing SL ON
Trailing SL ON
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More bearishness below 2297 only
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2335 done. 500 pips done. Supply Zone tested.
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Supply Zone respected as of writing!
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Supply zone retested.
FOMC could send Gold towards 2200 One
FOMC could send Gold towards 2200 One
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Or above 2380 😅
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Observe price action around the supply zone mentioned
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As expected!
Supply Zone respected!
Retest and breakdown possible
Supply Zone respected!
Retest and breakdown possible
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250 pips and counting
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Looks like Gold is preparing for the next trending down move.
May or may not retest the Supply Zone immediately.
May or may not retest the Supply Zone immediately.
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Bearishness intensifying
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350 and counting.
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Jun11 Update: More Bearishness below 2297 only.
Exactly from 2297 Gold has taken support again..
Consolidation to continue.
2334 to 2374 to act as supply Zone.
Let's see if Gold sustains above the Zone or below in coming days.
That will decide the future direction of Gold.
Below this Zone, Bears will be Dominant, And will Try to take Gold towards 2250, 2200
Above this zone, Bulls will try to re-enter, Taking Gold towards 2430 2460
Exactly from 2297 Gold has taken support again..
Consolidation to continue.
2334 to 2374 to act as supply Zone.
Let's see if Gold sustains above the Zone or below in coming days.
That will decide the future direction of Gold.
Below this Zone, Bears will be Dominant, And will Try to take Gold towards 2250, 2200
Above this zone, Bulls will try to re-enter, Taking Gold towards 2430 2460
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Just don't get bullish yet.. 2334 ko Halke mein naa le..
Only a closing above 2334 will make gold enter consolidation.
Daily closing or weekly closing below 2334, and bears will keep building pressure.
Only a closing above 2334 will make gold enter consolidation.
Daily closing or weekly closing below 2334, and bears will keep building pressure.
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Above 2334, 2355 could be tested
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Below 2329, bearishness may sustain
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2355 could be tested..
Remember that we are trading in a supply zone
Remember that we are trading in a supply zone
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This Weekly analysis will remain valid till the Supply Zone is not broken. That's until 2374 is breached and price sustains above it.
If Gold sustains above 2374, then we will shift to a Fresh weekly analysis.
Even if Gold respects Supply Zone and starts trading lower, a Fresh analysis will be posted.
Until then, will continue to update here only.
If Gold sustains above 2374, then we will shift to a Fresh weekly analysis.
Even if Gold respects Supply Zone and starts trading lower, a Fresh analysis will be posted.
Until then, will continue to update here only.
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Comfortably respecting the supply zone as of now
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Supply zones deeper retest likely. 2355 could be tested
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That's if gold sustains above 2334
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Greater the time spent below the supply zone, more are the chances of bears taking over.
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As mentioned, above 2334, Gold is headed for 2355, 2360 zone test
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2355 done 🎇
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2360 also almost touched
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Out of longs
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Will look to add shorts below 2355
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Gold has taken support around 2355 after Breaking past it, instead of respecting and rejecting from this zone.
Since it did not susatin below 2355, my short positions have not come into play.
2374 zone is the next Crucial Resistance.
If this Zone is respected and Gold starts forming Lower lows, only then the Supply Zone will be validated.
Or else above 2374
We are looking at 2430 2460 zones.
If the Supply Zone is invalidated, will post a New Analysis.
Since it did not susatin below 2355, my short positions have not come into play.
2374 zone is the next Crucial Resistance.
If this Zone is respected and Gold starts forming Lower lows, only then the Supply Zone will be validated.
Or else above 2374
We are looking at 2430 2460 zones.
If the Supply Zone is invalidated, will post a New Analysis.
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2374 to 2380 Zone
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Some may ask why am I not buying.. since it's a Supply Zone and Selling pressure can take my SL.
Will wait for Gold to start trading above 2380 zone to Think of Longing again
Will wait for Gold to start trading above 2380 zone to Think of Longing again
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Supply Zone still Valid! ☺️
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2305 to 2312 may act as demand zone. Bearishness to intensify below this zone opening 2250 2260.
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A weekly closing below 2332 will make a strong case for Bears
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500 pips and counting
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Don't be surprised if there's a Blood bath..
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Into the 3rd week and Gold has been kind enough to allow me to continue with the same weekly Analysis idea for this long.. let's see how far does it go..
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Comfortably below the Supply Zone! 2nd day into the 3rd week 😇
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2355 retest is likely if Gold sustains above 2323
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Quite some selling pressure from the marked Supply zone. Will look for selling below 2323
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2310 2300 below 2323 could be tested
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2290 coming into the picture
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Two big targets opening up.
2290
2260
2290
2260
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2310 done
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If Gold sustains above 2310, a decent bounce upto 2330 is possible before more bearishness.
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2290 on the way
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Higher time frame is so relaxing and profitable.
Comfortably respecting and rejecting from our Supply Zone ☺️🙏
Comfortably respecting and rejecting from our Supply Zone ☺️🙏
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I'll book shorts full at 2260 zone
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Keep watch on 2338 2328 Zone
Whether it Respects or Breaks it.
If respected, More Bearishness.
If Broken, More Bullishness.
Whether it Respects or Breaks it.
If respected, More Bearishness.
If Broken, More Bullishness.
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At the supply zone mentioned (2338-2328)
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Gold is at Crucial juncture.
2328 to 2338 is the immediate Supply Zone.
Which is likely to provide some resistance.
If respected, Bearishness could continue.
If Broken, then 2355 zone could be retested.
If 2355 is respected, then consolidation followed by breakdown is possible.
If 2355 is also broken, then Shorts may cover till 2390.
Bullishness will establish only above 2390.
2328 to 2338 is the immediate Supply Zone.
Which is likely to provide some resistance.
If respected, Bearishness could continue.
If Broken, then 2355 zone could be retested.
If 2355 is respected, then consolidation followed by breakdown is possible.
If 2355 is also broken, then Shorts may cover till 2390.
Bullishness will establish only above 2390.
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2375 to 2390*
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I'll short only below 2320.
Above that
2380 could be tested
Above that
2380 could be tested
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Price if starts to trade below the marked supply zone
Bears will take over again
Bears will take over again
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Yes I'm bearish below 2320
