GOLD|Important supply and demand areas
Updated
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We have the gold chart in 1 hour.Currently, gold is fluctuating in a trending range area and we have the top and bottom of the trending range to enter trading positions.
CPI data will be released today, if we have data that is in favor of gold, that is, the US inflation has decreased, this means that it will harm the dollar index and gold can move upwards.
We should know that apart from the top of the trending range, which is a resistance, we have the next resistance in the area of (2046-2044) and after the resistance that is the base of the falling movement, it is around (2066-2064).
On the other hand, if inflation is published more than expected, it will benefit the dollar index and can create selling pressure on gold.
The area that currently maintains the price is the area (2016-2019). If this area is broken, the next support is the price range (2004-2008) and then the price range (1990-1995).
If the price reaches these areas, we can enter trading positions with confirmation
We have the gold chart in 1 hour.Currently, gold is fluctuating in a trending range area and we have the top and bottom of the trending range to enter trading positions.
CPI data will be released today, if we have data that is in favor of gold, that is, the US inflation has decreased, this means that it will harm the dollar index and gold can move upwards.
We should know that apart from the top of the trending range, which is a resistance, we have the next resistance in the area of (2046-2044) and after the resistance that is the base of the falling movement, it is around (2066-2064).
On the other hand, if inflation is published more than expected, it will benefit the dollar index and can create selling pressure on gold.
The area that currently maintains the price is the area (2016-2019). If this area is broken, the next support is the price range (2004-2008) and then the price range (1990-1995).
If the price reaches these areas, we can enter trading positions with confirmation
Trade active
The CPI data was released and the announced amount of inflation was higher than expected, causing the dollar index to rise and gold to fall.From the resistance area that we said, we saw the price drop and if you took this position, you made a profit of 200 pips.
Note
Note
The resistance zone, which is related to the four-hour time frame, we can see that this caused the price to return and the confirmation in the 5-minute time frame was the hammer candle, the confirmation to enter the sale transaction.Note
Note
Note
Plotted area of the last non-same color candle before the breakout
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