Monthly chart: Gold is bearish. However seeing the volume and size of candle we can expect the price has reached its bottom. But still we should be cautious as gold may test the level below 1786 before closing
Weekly chart: Last two weeks candles are red. The 1800-1805 level acted as a good support. This week we made lower high and lower low. So expect bearish closing for this candle also. I feel to go for buy when price tests the levels at 1786 and 1800
Daily chart: In last ten daily candles only two are green. However every candle has smaller body and long wick this week. This shows the uncertaininty. Bulls are buying in back. But banks are not letting the price to go high as they want to continue buying at these levels.
News: Yesterday two more countries are taken into NATO and once they become members then Russia will have NATO at its East border. Moreover NATO deployed 300k more soldiers at borders. All this enrages Russia and we can expect much worse time.
Today we have Core PPI. These numbers are input for inflation. I feel the news will be negative for Gold. So we can see some big bearish move before American session to test the support levels at 1788 and 1800. Once news is out the bullish momentum is triggered. All this is just my prediction. Let us see chart and trade
So my overall analysis is Gold is in bearish trend but bearish momentum is weak. So we need a trigger level for change in trend. I suggest to be patient today and dont go for sell above 1816. When price tests the 1788 and 1804 levels we will go for buy.
Important levels
1786 - 1804 - 1826 - 1845 - 1856 - 1872
Trading ideas for today
BUY 1788 SL 1776 TP 1826
BUY 1804 SL 1799 TP 1826
Today we have very important news and month close. So people will book profits and we will see bearish candles in small TF. But dont get tempted for small movements. Wait for best level for BUY.
Weekly chart: Last two weeks candles are red. The 1800-1805 level acted as a good support. This week we made lower high and lower low. So expect bearish closing for this candle also. I feel to go for buy when price tests the levels at 1786 and 1800
Daily chart: In last ten daily candles only two are green. However every candle has smaller body and long wick this week. This shows the uncertaininty. Bulls are buying in back. But banks are not letting the price to go high as they want to continue buying at these levels.
News: Yesterday two more countries are taken into NATO and once they become members then Russia will have NATO at its East border. Moreover NATO deployed 300k more soldiers at borders. All this enrages Russia and we can expect much worse time.
Today we have Core PPI. These numbers are input for inflation. I feel the news will be negative for Gold. So we can see some big bearish move before American session to test the support levels at 1788 and 1800. Once news is out the bullish momentum is triggered. All this is just my prediction. Let us see chart and trade
So my overall analysis is Gold is in bearish trend but bearish momentum is weak. So we need a trigger level for change in trend. I suggest to be patient today and dont go for sell above 1816. When price tests the 1788 and 1804 levels we will go for buy.
Important levels
1786 - 1804 - 1826 - 1845 - 1856 - 1872
Trading ideas for today
BUY 1788 SL 1776 TP 1826
BUY 1804 SL 1799 TP 1826
Today we have very important news and month close. So people will book profits and we will see bearish candles in small TF. But dont get tempted for small movements. Wait for best level for BUY.
Note
CorrectionsThe news will be bearish for USD i feel
The Western border of Russia
(Sorry for Mistakes)
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.