Gold trading this week from 20/03/2022-25/03/2022
Hello guys and gals,
Any further swing lows to $1,88x.xx price handle this week, $1,850.xx will be as the next lower lows....it is just as the subtitle.
As updated in the previous post, a swing lows to $1,892.065 during last FOMC has been touched; after that XAUUSD started bouncing up almost to the 50% fibs level at $1,953,239, but it pulled back in the last trading session to the current $1,920.575 price level.
Some important key points to keep watching this week:
Gold has the current demand zone range from $1,891.xx to $1,915.xx, it needs to be supported around that price zone for a further attempt to bounce up, then the 50% fibs level at $1,953.239 still be able to get;
In case the above mentioned demand zone at point (1) failed to support, then Gold will make a further swing lows to $1,850.xx price handle;
Trading strategy for Gold this week we prefer to short, in case $1,915.xx cannot be held as support, then short it by any bounce, take the ADR (Average daily range in 50 days for Gold as the main measure) as tool for the entering trading point to short.
The only probably upside scenario for Gold this week can be occurred, in case an opening gap for Gold will be happened this Monday by opening above $1,932.xx price handle, pullback to ‘24 can be occurred, but further attempt to bounce up is with higher priority for a up momentum after that, else the bounce up is still weak in our point of view.
Take your look at the chart for further details.
Trade well!
TS
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.