GOLD intraday analysis 24 March


Hello friends. As you see, according to 1Hr chart, we are on the support level of short term up trend. As we had said yesterday, 1190 and 1175 band is very important for the middle term trend to be clear. Now we are close to 1190s. Yesterday on forums, i told that we would see 1190s and we did. But that level is too risky to open any kind of position. Today we are again telling this.

GOLD is gonna get support from this trend lines bottom level. It may re-test 1190s again but as you see, a rising wedge is developing and as long as GOLD stays in this trend, bearish pressure would be stronger time by time.

Traders should not open any position before we see breaking of 1190s or short term up trend to downside. It does not seem to be strong enough to get over 1190s with this volume but safe trading is the best. In my opinion, we got to take a retracement down to 1180s for today or tomorrow. Today, bulls does not seem powerful enough.


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