Gold shifted value zone at a higher level. However we need to determine the exact limits of this new value zone. Based on previous candles we can see a downtrending value zone which I feel is valid. Based on this Gold will test the weekly resistance at 1746 (higher high) and make a higher low in US session. However if the value zone I consider is valid then we may test the level near 1700 tomorrow. Let us see if Gold passes or fails the test for 1746. If Gold closes above 1746 then bulls will get more strength and they will start chasing the monthly resistance 1772 on Friday.
My trading idea is to go short near weekly resistance with small SL. Trend is positive so we will try to go for small SELL orders only.
SELL 1746 SL 1749 TP 1730
BUY 1730 SL 1720 TP 1746
BUY STOP 1756 SL 1748 TP 1766
SELL 1772 SL 1786 TP 1746
Important levels 1694-1714-1730-1746-1764-1772
My trading idea is to go short near weekly resistance with small SL. Trend is positive so we will try to go for small SELL orders only.
SELL 1746 SL 1749 TP 1730
BUY 1730 SL 1720 TP 1746
BUY STOP 1756 SL 1748 TP 1766
SELL 1772 SL 1786 TP 1746
Important levels 1694-1714-1730-1746-1764-1772