Gold Analysis 11/01/2023
– Yesterday Gold returned to 1876 as expected and was pushed back to 1870 by the Bears. Then the market rose again 1 again moving in the Range 1870 – 1880.
– On the H4 Timeframe Gold is still sideways in this resistance zone, as it is an important barrier where the market will move sideways for 1 few days before deciding on the upcoming direction. If you look at the picture below, you will see that there have not been any candles that have closed past 1879.
According to Blackmantrader, the probability that gold will push towards 1855 is quite high in the near future after the peak test and accumulation in this region is completed.
– Gold will return to around 1878 earlier in the day. Then the market will fall to 1872, where there will be a barrier created by sideway 2 today, gold will rise again but will not surpass 1879. The market will decide the direction going into the European session tonight, everyone will wait and see.
Command reference:
Sell 1878
SL: 1882
TP1: 1872
TP2: 1865
TP3: 1860
