Has Gold formed a Top ?
Обновлено
Friday's Sell Off Definitely Suggests that Neither Central Banks nor China nor any other retailer is interested in buying Gold at such high valuation.
Picture is getting Clearer.
One May look for Selling Opportunity around the Supply Zone.
Gold looks set to test 2200 Zone.
Bullishness Only above 2380.
Below 2380, Bears are going to be under Control.
Bulls may wait for Demand Zones to Build positions again, when the Ball will finally be in their Court.
Currently Bears will look to assert dominance.
Rest of the Analysis on Daily Basis
Picture is getting Clearer.
One May look for Selling Opportunity around the Supply Zone.
Gold looks set to test 2200 Zone.
Bullishness Only above 2380.
Below 2380, Bears are going to be under Control.
Bulls may wait for Demand Zones to Build positions again, when the Ball will finally be in their Court.
Currently Bears will look to assert dominance.
Rest of the Analysis on Daily Basis
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Going for retest of Supply ZoneЗаметка
250 pips done. Another 200 250 to go..Trailing SL ON
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More bearishness below 2297 onlyЗаметка
2335 done. 500 pips done. Supply Zone tested.Заметка
Supply Zone respected as of writing!Заметка
Supply zone retested.FOMC could send Gold towards 2200 One
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Or above 2380 😅Заметка
Observe price action around the supply zone mentionedЗаметка
As expected! Supply Zone respected!
Retest and breakdown possible
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250 pips and countingЗаметка
Looks like Gold is preparing for the next trending down move.May or may not retest the Supply Zone immediately.
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Bearishness intensifyingЗаметка
350 and counting.Заметка
Jun11 Update: More Bearishness below 2297 only. Exactly from 2297 Gold has taken support again..
Consolidation to continue.
2334 to 2374 to act as supply Zone.
Let's see if Gold sustains above the Zone or below in coming days.
That will decide the future direction of Gold.
Below this Zone, Bears will be Dominant, And will Try to take Gold towards 2250, 2200
Above this zone, Bulls will try to re-enter, Taking Gold towards 2430 2460
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Just don't get bullish yet.. 2334 ko Halke mein naa le..Only a closing above 2334 will make gold enter consolidation.
Daily closing or weekly closing below 2334, and bears will keep building pressure.
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Above 2334, 2355 could be testedЗаметка
Below 2329, bearishness may sustainЗаметка
2355 could be tested.. Remember that we are trading in a supply zone
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This Weekly analysis will remain valid till the Supply Zone is not broken. That's until 2374 is breached and price sustains above it.If Gold sustains above 2374, then we will shift to a Fresh weekly analysis.
Even if Gold respects Supply Zone and starts trading lower, a Fresh analysis will be posted.
Until then, will continue to update here only.
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Comfortably respecting the supply zone as of nowЗаметка
Supply zones deeper retest likely. 2355 could be testedЗаметка
That's if gold sustains above 2334Заметка
Greater the time spent below the supply zone, more are the chances of bears taking over.Заметка
As mentioned, above 2334, Gold is headed for 2355, 2360 zone testЗаметка
2355 done 🎇Заметка
2360 also almost touchedЗаметка
Out of longsЗаметка
Will look to add shorts below 2355Заметка
Gold has taken support around 2355 after Breaking past it, instead of respecting and rejecting from this zone. Since it did not susatin below 2355, my short positions have not come into play.
2374 zone is the next Crucial Resistance.
If this Zone is respected and Gold starts forming Lower lows, only then the Supply Zone will be validated.
Or else above 2374
We are looking at 2430 2460 zones.
If the Supply Zone is invalidated, will post a New Analysis.
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2374 to 2380 ZoneЗаметка
Some may ask why am I not buying.. since it's a Supply Zone and Selling pressure can take my SL. Will wait for Gold to start trading above 2380 zone to Think of Longing again
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Supply Zone still Valid! ☺️Заметка
2305 to 2312 may act as demand zone. Bearishness to intensify below this zone opening 2250 2260.Заметка
A weekly closing below 2332 will make a strong case for BearsЗаметка
500 pips and countingЗаметка
Don't be surprised if there's a Blood bath..Заметка
Into the 3rd week and Gold has been kind enough to allow me to continue with the same weekly Analysis idea for this long.. let's see how far does it go..Заметка
Comfortably below the Supply Zone! 2nd day into the 3rd week 😇Заметка
2355 retest is likely if Gold sustains above 2323Заметка
Quite some selling pressure from the marked Supply zone. Will look for selling below 2323Заметка
2310 2300 below 2323 could be testedЗаметка
2290 coming into the pictureЗаметка
Two big targets opening up.2290
2260
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2310 doneЗаметка
If Gold sustains above 2310, a decent bounce upto 2330 is possible before more bearishness.Заметка
2290 on the wayЗаметка
Higher time frame is so relaxing and profitable.Comfortably respecting and rejecting from our Supply Zone ☺️🙏
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I'll book shorts full at 2260 zoneЗаметка
Keep watch on 2338 2328 ZoneWhether it Respects or Breaks it.
If respected, More Bearishness.
If Broken, More Bullishness.
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At the supply zone mentioned (2338-2328)Заметка
Gold is at Crucial juncture.2328 to 2338 is the immediate Supply Zone.
Which is likely to provide some resistance.
If respected, Bearishness could continue.
If Broken, then 2355 zone could be retested.
If 2355 is respected, then consolidation followed by breakdown is possible.
If 2355 is also broken, then Shorts may cover till 2390.
Bullishness will establish only above 2390.
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2375 to 2390*Заметка
I'll short only below 2320. Above that
2380 could be tested
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Price if starts to trade below the marked supply zoneBears will take over again
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Yes I'm bearish below 2320Заметка
2295 breakdownWould take gold to 2222 in no time
2260 might provide some support, but the way price action is shaping up, I won't be surprised to see Gold taking support around 2222 directly.
Coming Week will be very critical.
Bulls may come under pressure below 2320 2315
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Hatrick of Weeks under the Supply Zone!Заметка
2330 value area to shortЗаметка
Shorts will cover only above 2341Заметка
Not to come of as adamant.. But I believe that according to the technical analysis, we will remain bearish unless gold starts trading above 2385 2390
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Again Value area to short 2330 😅Ab kya kare.. Gold Bullish trades nahi de raha to..
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2300 likely to be tested..And this time, it may not be respected..
Next 2250 -60
2220-30
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Above 2335, I will look for longs till 2365 2375And Depending upon price action and whether supply zone is respected or breached, our view may change
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2355*, 2365, 2375.If Gold tests 2385 2390 Zone
I'll be surely Bullish on Gold
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2355, 2365, 2375 only only if Gold sustains above 2341, Although SC may begin from 2335, confirmation will be on sustaining above 2341Заметка
XAUUSD Given the recent Behaviour of Gold,
The One of Hunting SL around common Chart patterns on smaller TF,
I would remain bearish unless gold trades above 2390
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2320 about to break?Failed inv HNS?
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I won't be surprised if gold tests 2355 before falling..Another SL hunting for liquidity clear out..
May happen if sustains above 2341
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2355 doneЗаметка
2355 to 2360 is supply zone Look for rejection to short
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No rejection..Next target 2374
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A rather deep retest of Supply Zone..With the kind of buying witnessed, Bearishness Will prevail only below 2320..
Price could ping pong between 2390 and 2320 before Giving breakout on either side..
If sustains below 2320, then more bearishness is possible.
If sustains above 2390, then Bulls may take Gold to 2430 2470 levels..
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Upon sustaining below 2360, will short with SL above 2365Заметка
Below 2353, Fall may be sharp. Taking Towards 2330 2320Заметка
No signs of rejection from 2360Заметка
Rejection coming into the pictureЗаметка
No followup selling.. Dip is being bought.. Bullishness to continue on sustaining above 2354Заметка
Trading in the retracement channel2348 could be tested
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May trend outside the retracement channelЗаметка
2380 2385 may act as crucial Supply Zone. Look for rejection from here to short.
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And if Gold tests 2390, Then Look for Buying the Dips Only.. Since ChoCh will be evidentЗаметка
If Gold doesn't spike, Then shorts will be aggressive below 2353 from current levelsЗаметка
CMP 2364Заметка
Data is absolutely favourable for More Bullishness in Gold..Заметка
Zone invalidated at end of the monthЗаметка
New Idea coming weekЗаметка
Buy The Dips
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