Gold Break or Bounce

Updated

Hi mates, Sharing daily chart of Gold as we can see that price reached very close to a good support zone I mentioned it as flip zone so this zone will definitely play a important role for giving direction to price for coming sessions as we can see a bounce from there or break that support, for both side actions target I marked on provided chart, one more interesting thing I observed so added too on chart and that is 200 moving average as you can see that earlier it gives bounce after taking support from that moving average and this time too 200 moving average it is placing very near to flip zone so I think a good trade is waiting for traders.

This is not and trade or investment advice. This idea is meant for learning only.

Note

waiting for a decider flip zone close above or below for going a trade

Trade active

Expecting a bounce toward flip zone

Trade active

Got a good chance to short from flip zone as mentioned in update above doing same and gaining good after

Trade closed: target reached

Traget marked below reached after flip zone breached, regret for an late update, will publish a new idea on Gold this one is closing completly

Sharing a snapshot also from which we can see how resistance worked which prior was support for it, did not sustain above after this publish, classic exapmle of support and resistance roles exchange

AMIT-RAJAN

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