Gold Analysis 04.01.2021
Yesterday there was a waterfall. The 4 hours suggest that candle between 1827 to 1806 has lesser volume and more drop compared to the candle between 1810 to 1800. So this means there is going to be a reversal.
Volume suggests the value zone for today is between 1808 to 1813. So these levels will act as support and resistance for today.
From the chart we can see a wedge below 1808 by the trend line. So until there is enough volume the price may range in this wedge before breaking 1808 level.
Today there is important news on USD about PMI. so trade carefully considering these levels.
I will suggest to go long with SL at 1796 and TP at 1812.
Please share your thoughts
Volume suggests the value zone for today is between 1808 to 1813. So these levels will act as support and resistance for today.
From the chart we can see a wedge below 1808 by the trend line. So until there is enough volume the price may range in this wedge before breaking 1808 level.
Today there is important news on USD about PMI. so trade carefully considering these levels.
I will suggest to go long with SL at 1796 and TP at 1812.
Please share your thoughts
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