GOLD|Weekly roadmap and important areas
Updated
Hello, I hope you are doing well
We see gold chart in 1 hour time frame.
We saw a drop for gold on Friday after the nfp data release.
Further, selling pressure on gold has been maintained and managed to break the important demand area downwards.
At the moment, we are on the demand zone, where we have to wait for this candle to close.
If candlestick or price patterns are formed, we can enter buying positions.
If this area breaks down, it is the next demand area (2011-2008).
Supply areas (2042-2039) and 2047 range are valid areas to check the price in this area.
We see gold chart in 1 hour time frame.
We saw a drop for gold on Friday after the nfp data release.
Further, selling pressure on gold has been maintained and managed to break the important demand area downwards.
At the moment, we are on the demand zone, where we have to wait for this candle to close.
If candlestick or price patterns are formed, we can enter buying positions.
If this area breaks down, it is the next demand area (2011-2008).
Supply areas (2042-2039) and 2047 range are valid areas to check the price in this area.
Trade active
Gold has started to move up by hitting the dynamic support line of the descending channel.
Currently, it has reached the previously broken support zone, which is now standing as a resistance level on the path of gold.
that we can expect price return from this area and the next supply area to the targets that I specified.
Trade closed: target reached
TP was hitNote
Trade closed: target reached
Note
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