Gold July 16 2024
Technical:
1. W - Strong uptrend.
2. D - Strong uptrend. There is rejection at resistance yesterday and closed below resistance.
3. 4H - Strong uptrend. Structure is very steep.
4. It is at all time high resistance.
5. It reached resistance with fundamental support also.
Fundamental:
1. USD negative so far..
2. Powell speech was not much impact. It helped to retest the break.
3. USD has red data at 6PM IST - mostly negative
Game plan:
1. Based on 4H structure, it may come down to 2397.695 to give retest.
2. Observe at this level what it doing.
3. If it rejects and made candle confirmation at 2433.302 at 1H timeframe, go for sell
4. If not getting chance to entry at 2433.302, wait for break of 2420 and take entry at retest.
5. Sell - Max target 2397.700.
6. Based upcoming economic data, we can expect it to go up and break resistance.
7. Buy - if market sustains above above 2433.300 - 2439.880 zone after break and retest to same zone.
8. Look for candle rejections before going for buy entry.
9. If you take entry , exit before the USD economic data release. or look for entry after the data release.
If get time to update anything, will update here.
1. W - Strong uptrend.
2. D - Strong uptrend. There is rejection at resistance yesterday and closed below resistance.
3. 4H - Strong uptrend. Structure is very steep.
4. It is at all time high resistance.
5. It reached resistance with fundamental support also.
Fundamental:
1. USD negative so far..
2. Powell speech was not much impact. It helped to retest the break.
3. USD has red data at 6PM IST - mostly negative
Game plan:
1. Based on 4H structure, it may come down to 2397.695 to give retest.
2. Observe at this level what it doing.
3. If it rejects and made candle confirmation at 2433.302 at 1H timeframe, go for sell
4. If not getting chance to entry at 2433.302, wait for break of 2420 and take entry at retest.
5. Sell - Max target 2397.700.
6. Based upcoming economic data, we can expect it to go up and break resistance.
7. Buy - if market sustains above above 2433.300 - 2439.880 zone after break and retest to same zone.
8. Look for candle rejections before going for buy entry.
9. If you take entry , exit before the USD economic data release. or look for entry after the data release.
If get time to update anything, will update here.
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