Gold Daily Analysis 11.07.2022
Gold is testing patience and is continuing in its value zone between 1730-1750. It tested both the boundaries of value zones and found good support and resistance on both sides. So it continued staying within this narrow range.
Present levels of gold are very good for buyers but market is strongly bearish so there is no trend reversal till now.
Technical analysis is showing strong bearish picture. However price action suggests we need to test the resistance at 1772 before taking new direction.
Candle sticks show the formation of a doji and inverse hammer suggesting reversal from 1730 level.
This month Fed announced to increase the interest. This will impact gold and give strength to bears.
We will not take any long term trades until gold closes above or below value zone.
Scalping with small SL is better now
BUY 1732 SL 1724 TP 1748
SELL 1752 SL 1758 TP 1740
Present levels of gold are very good for buyers but market is strongly bearish so there is no trend reversal till now.
Technical analysis is showing strong bearish picture. However price action suggests we need to test the resistance at 1772 before taking new direction.
Candle sticks show the formation of a doji and inverse hammer suggesting reversal from 1730 level.
This month Fed announced to increase the interest. This will impact gold and give strength to bears.
We will not take any long term trades until gold closes above or below value zone.
Scalping with small SL is better now
BUY 1732 SL 1724 TP 1748
SELL 1752 SL 1758 TP 1740
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