Gold analysis in 4H time
As you can see in the chart, we have an important resistance area in 4H time, and we have witnessed a downward reaction every time the price hits this area.
However, hitting the resistance area on 24Feb has been associated with a weak downtrend, which may indicate that this area is weak.
There are two scenarios ...
1: Descent from the same area when the market opens
2: Break out this area and go for higher goals
Analysis based on COT:
Last week we saw an increase in Managed Money trades in Long positions and an increase in Retail traders in Long trades.
VOL based analysis:
We have witnessed an increase in the volume of daily and weekly transactions compared to the past few days.
Based on these analyzes, the resistance area is expected to break out more (Scenario 2).
Position buy stop
Price: 1977.70
tp1: 1989.94
tp2: 2009.11
tp3: 2068.44
sl: 1949.47
R.R: 3.24
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