Yesterday gold broke out from the descending wedge. Bulls failed to sustain above 1840. Hence Bears took power and broke down below the support at 1835 which is present resistance. All the Daily EMA for 20-50-100 and 200 are higher than present levels. So see for buying oppurtunities at every dip in long term. However go for short trades in scalping since trend is bearish.
Today we have Fed chairman testimony in US session. Market will be very volatile in US session.
Present momentum is strongly bearish and trend is also bearish. We have monthly and weekly support at 1814-1818. So we can see bulls from here. We will have a sideways movement once price breaks the strong bearish trend line.
The important levels for today are 1800-1808-1818-1825-1835-1848
My trading idea for Scalping
Sell 1832 SL 1838 TP 1825
Longterm trade idea
Buy 1814 SL 1804 TP 1848
Today we have Fed chairman testimony in US session. Market will be very volatile in US session.
Present momentum is strongly bearish and trend is also bearish. We have monthly and weekly support at 1814-1818. So we can see bulls from here. We will have a sideways movement once price breaks the strong bearish trend line.
The important levels for today are 1800-1808-1818-1825-1835-1848
My trading idea for Scalping
Sell 1832 SL 1838 TP 1825
Longterm trade idea
Buy 1814 SL 1804 TP 1848
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.
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.