Gold Daily Analysis 01.09.2022
Yesterday the monthly candle closed in bearish sentiment. Dollar is getting strong due to crisis in europe and china. This is having high impact on gold also.
Considering the TA we can see Gold is in downtrend since it made high of 2070 after war. It tested the 1680 lows and made a good high of 1800.
In my thought I feel gold has come back to test this 1680 level once again before it goes bullish. So this is the best opportunity to make long term buy once gold tests levels between 1600-1700
However keeping the trend in view if we close below 1660 gold may go further down to test the support of longterm bearish channel it made since bears took ride.
So if gold closes below 1660 we will be prepared to test 1600.
For today the intraday trade can be
BUY 1702 SL 1694 TP 1712
BUY 1680 SL 1670
I prefer only BUY because these levels are very important for reversal and we may be stuck for so much time in sell if price suddenly reverses
I can also see a sideways channel in yellow. But this will be confirmed only if gold starts to rebound above 1680. Until now I felt we are in bullish trend. But this is not true. We may be in a sideways or downtrend only
Considering the TA we can see Gold is in downtrend since it made high of 2070 after war. It tested the 1680 lows and made a good high of 1800.
In my thought I feel gold has come back to test this 1680 level once again before it goes bullish. So this is the best opportunity to make long term buy once gold tests levels between 1600-1700
However keeping the trend in view if we close below 1660 gold may go further down to test the support of longterm bearish channel it made since bears took ride.
So if gold closes below 1660 we will be prepared to test 1600.
For today the intraday trade can be
BUY 1702 SL 1694 TP 1712
BUY 1680 SL 1670
I prefer only BUY because these levels are very important for reversal and we may be stuck for so much time in sell if price suddenly reverses
I can also see a sideways channel in yellow. But this will be confirmed only if gold starts to rebound above 1680. Until now I felt we are in bullish trend. But this is not true. We may be in a sideways or downtrend only
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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.