Gold Daily Analysis 19.08.2022
Gold is continuing its downtrend and closed below the Fib 62% support. This is a good level for fresh buying and we can expect a reversal above 1745 which is also Fib 50%.
Present level is also the upper boundary of the longterm downtrend value zone from which gold broke out.
So this level is very important for Gold price to find its direction. If we close below this level then Gold may continue its fall. However trading is all based on luck and chance. So I suggest to go for buying at every low keeping in view of the rising tensions China US.
So my idea is to trade the reversal.
BUY 1752 SL 1742 TP 1788
Present level is also the upper boundary of the longterm downtrend value zone from which gold broke out.
So this level is very important for Gold price to find its direction. If we close below this level then Gold may continue its fall. However trading is all based on luck and chance. So I suggest to go for buying at every low keeping in view of the rising tensions China US.
So my idea is to trade the reversal.
BUY 1752 SL 1742 TP 1788
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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.