Gold should make a decided break to the 1516 price level, immediately followed by the 1520 price level , with optimistic targets being the 1525 and 1535 price levels. My subjective opinion says the , 1525 and 1535 price levels would only hold if, the Sino-Us talks continued being toxic , which is a move we are most likely to witness over the course of Thursday.
Things to note would be daily close above the 1507 or at worst 1505 price level to affirm the high probability move higher. If we get a break of the 1510 level in the remaining hours of The new york wednesday session , which is very likely the 1515 price level might mature today. .
Alternatively , we might see some buyng during the Tokyo session to chase down the 1515 level. The last possible scenarios would be range bound movement aoung the 1500 to 1507 level , until the outcome of trade talks on thursday which would trigger sizeable market moves..
A break of the 1495-93 price level would interfere with the current bullish bias and a break of the 1490 price level would , likely open moves towards the 1458 price level.
Hence for potential buys , the 1495 makes a good level to call in losses. Which would pay dividends if the potential target was 1525 for a better risk to reward ratio.
Things to note would be daily close above the 1507 or at worst 1505 price level to affirm the high probability move higher. If we get a break of the 1510 level in the remaining hours of The new york wednesday session , which is very likely the 1515 price level might mature today. .
Alternatively , we might see some buyng during the Tokyo session to chase down the 1515 level. The last possible scenarios would be range bound movement aoung the 1500 to 1507 level , until the outcome of trade talks on thursday which would trigger sizeable market moves..
A break of the 1495-93 price level would interfere with the current bullish bias and a break of the 1490 price level would , likely open moves towards the 1458 price level.
Hence for potential buys , the 1495 makes a good level to call in losses. Which would pay dividends if the potential target was 1525 for a better risk to reward ratio.
Note
The Tokyo session 1515 price level hit, scenario has played out, greater possibility of the 1525 level being realized .
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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.