Siddharth_Joshi
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Gold Can test the major support again and sweep liquidity below and again go to test 3400-3410-3451.
Gold have given a bullish breakout as fed decided to cut the interest rate in upcoming meeting scheduled for 17 sept. this weaken the DXY so gold moved upside, if rates cuts happen in next meeting gold can break 3450 zone and can test it ATH again. We can plan a buy from Fib 50% Area or OB, wait for retest and after confirmation enter in the trade!!
XAUUSD is been sideways, yesterday it gave a good bearish move and we can expect a sell move till 3300 Zone. This is a Major demand zone we can expect a but movement or reversal of trend from there. Today Fed Meeting also incoming so it will highly volatile, avoid news trade as it can give movement in both direction showing sweeping both liquidity. But Breaking 3300 will open doors for 3280-3250 Area. Closing should be below 3300.
Gold Analysis on 4H Timeframe. Gold is at Major Resistance of 3450. We can Expect a sell movement from 3450 after sweeping the liquidity above, but in other case if closing happen above 3450 in 1D or 4H and Hold then we can Expect gold to test 3500 ATH. CMP: 3425 Resistance: 3450 Support: 3400 Demand Area: 3250 Supply Area: 3500 This Analysis if for Long Term View not for Intraday. As Market Are are uncertain, I believe gold may be bullish for but technically speaking it should test 3200 Zone for once. Why Gold can go to test 3500? ~The Reason gold can go 3500 this year again is because after creating new ATH it didn't tested the zone again so no retest that's means price will come once to test the area. That's how gold works. Gold Always test it Area or Zones. Why Gold can go to 3200? ~ Again the reason simple after making a new ATH, Gold was in sideways range in 1D and 1W. Gold always make false move first and directional move so in Monthly no retest happened Yet. So there are more chances that testing the 3500 level will be just a wick in bigger Timeframe to trap buyers and then go for retesting the area.
We can clearly see the triangle patter where it not able to make new high in smaller TF, It could possibly break in sell side and we can match the supply above from 3430 to 3400 to 3380 to 3350.Fundamentally and Geopolitically, gold should go up and it will, be it is only a retest in higher timeframe, nothing much.But Yes Technically it is down for Now and is it just removing weak hands who are in buys right now.Looking for sells in Intraday from 3380, For buys in swing from 3350 Demand Zone.Looking for Buys above 3405 after confirmation in High Time Frame Candle Closer. (1H)This is for education Purpose, Markets are always Risky and you should plan accordingly, No one is responsible for you losses. Do your own proper research and Risk Management is the key to Success.You can also join owe telegram for daily Insights and Analysis - fxsyndicateclub
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