DrAnandM

Consolidation to continue?

DrAnandM Aktualisiert   
FX:XAUUSD   Gold Spot / U.S. Dollar
Gold might continue to consolidate before next trending move.

Range is Huge.

Even Consolidation may provide decent Trading opportunities.

2330 is again going to be the crucial zone

Below 2330,

2275 zone could be tested

If 2330 is respected, 2390 zone could be tested.

Rest Of the Analysis on Daily Basis
Kommentar:
Level correction
2385 zone +-5 And not 2390
Kommentar:
Some Bearish Price action Upfront..

2275 looks likely below 2320

If 2275 not Respected, then 2245 could be tested..
Kommentar:
Below 2320

2300
2275
2245

Possible Targets
Kommentar:
SC only above 2345
Kommentar:
Gold has taken support around 2320.

Above 2345 zone,
2365
2385 could be tested
Kommentar:
As mentioned gold couldn't break 2345.

So Most likely downside break possible
Kommentar:
Gold happens to keep making higher highs as part of retracement.

2345
2325

Trending move on either side break.
In between is going to be no trading zone
Kommentar:
Some Change in Sentiment I guess..

Gold might be preparing for another rally.

2315 zone could provide decent support.

Only below 2305 some bearishness could prevail.

Note that this is just a view and not a trading recommendation
Kommentar:
2310-2315
Kommentar:
SC above 2340 opening 2375
Kommentar:
Unless gold tests 2304 in which case 2330 zone will become value area to sell
Kommentar:
So sell on rise it is till gold is below 2335 2330
Kommentar:
2260
2240 opened up
Kommentar:
Most likely from 2260 some buying is expected
Kommentar:
2255
2230 possible zones that could be tested.
Kommentar:
unless gold trades above 2353

Gold will be under bears control..

Shorts will cover like crazy above 2353
Kommentar:
Below 2285 zone

2250 zone could remain a possibility on day of NFP.
Kommentar:
2285 zone tested
Kommentar:
Head and shoulder formed
Kommentar:
Upon completion, Breakdown possible
Kommentar:
Gold may continue to consolidate before next trending move during NFP..
Kommentar:
Stage looking set for 2250?
Kommentar:
2335 on upside
2290 on downside

Trending move on either side break.

2355 or
2250

Could be tested.
Kommentar:
Correction* 2280 Not 2290
Kommentar:
Data Cold! Wil wait for Bullish Trade above 2355
Kommentar:
Below that I won't mind Shorting Gold Yet again at Decent levels
Kommentar:
As mentioned, didn't break 2280.
Weekly Analysis Coming weekend
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