Gold Spot / U.S. DollarUpdated Gold - Scalp and Projection today
Gold is presently 2428.
HTF - 30 min chart
The market on an intraday basis is on an uptrend, as we can establish HH and HL after the Double Bottom of last Wednesday.
Daily Pivots are in place. We can see the Central Pivot is 2428 and it is above the Central PIvot of the last trading session. This supports the bullish bias.
SUPPLY/DEMAND - Two Demand Zones are in place ( and act as entry zones)
1. Demand 1 - the nearest and most relevant 2417 -2422. Which approximates the Daily S1.
2. Demand 2 - set last Thursday between 2407 - 2412. Which approximates the Daily S2
The Supply is seen at 2450 - 2459.
The Targets are
1. R1 - for entry from Demand 2
2. R2/ Supply - for entry from Demand 1
LTF - 5 min chart
IF price enters the Demand Zones, drop to the LTF and look for a trigger to enter.
This can be bullish candlesticks ie. Bullish Pin bar, Bullish Engulfing Pinbar, Pinbar/Inside Bar/ fakey , or a pattern such as a Double Bottom. Your stop loss orders will be set below the relevant demand zone.
HTF - 30 min chart
The market on an intraday basis is on an uptrend, as we can establish HH and HL after the Double Bottom of last Wednesday.
Daily Pivots are in place. We can see the Central Pivot is 2428 and it is above the Central PIvot of the last trading session. This supports the bullish bias.
SUPPLY/DEMAND - Two Demand Zones are in place ( and act as entry zones)
1. Demand 1 - the nearest and most relevant 2417 -2422. Which approximates the Daily S1.
2. Demand 2 - set last Thursday between 2407 - 2412. Which approximates the Daily S2
The Supply is seen at 2450 - 2459.
The Targets are
1. R1 - for entry from Demand 2
2. R2/ Supply - for entry from Demand 1
LTF - 5 min chart
IF price enters the Demand Zones, drop to the LTF and look for a trigger to enter.
This can be bullish candlesticks ie. Bullish Pin bar, Bullish Engulfing Pinbar, Pinbar/Inside Bar/ fakey , or a pattern such as a Double Bottom. Your stop loss orders will be set below the relevant demand zone.
Note
Its working like projected, the target is still 2455-2460 , likely in NY session.... CoolTrade closed: target reached
Targets reached and exceeded
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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.