Gold Analysis 06/02/2023:
– Last week when touching SUPPLY ZONE 1960 as expected, Gold had 1 strong crash as far as 1861 => This is a very normal thing if you understand technical analysis. Because when touching 1 resistance zone in a large timeframe, it will be difficult to penetrate at the first touch, there will be a lot of pending orders to sell in this zone, causing the market to fluctuate strongly in a short time.
– The Week candlestick has closed 1 strongly bearish Engulfing candlestick giving us a signal that the market will fall further this week. However, we should also note 1 thing that the main trend of gold is still bullish and from the perspective of Blackmantrader, the recent collapse has also approached the recovery of the bullish wave of Gold => The market is making it difficult for us when the 2 big timeframes, W1 and MN , are opposite directions so we need to be careful.
– From Blackmantrader’s point of view, at the beginning of the day until the US session, the market will recover. Today There will be no nice entry zone, but you want to be able to buy at the time of writing (08:45m) with the target towards 1880 and stop loss at 1860. If we are patient enough, we will wait for the market to rise to around 1888 to sell here (probably coming here in the US session).
Buy 1850 – 1855 (when there is a reversal signal)
Sell 1888 (when there is a reversal signal)
WISH YOU 1 SUCCESSFUL TRADING DAY.