Daily time frame analysis:
Hello my all friends, good afternoon in the movement in the last two days. The resulting bearish candle is bigger than the bearish candle on the previous day, if I look at the daily time frame. This indicates that there will be considerable pressure from the seller’s camp. If the price breaks through the support area at 1827.25, it is estimated that the gold pair will fall even deeper. However, if the business is still experiencing rejection, it will cause the price to reverse direction and start moving up again.Therefore, I will wait for the price to move down and approach the support area first. If the price can penetrate it perfectly, then I will place a sell order. The profit target will be placed in the range of 1819.88.
H1 time frame analysis:
Bullish potential going forward. Yesterday it was down, but the decline was still quite reasonable. There is no indication of a reversal. Maybe in the future gold will form a bullish flag pattern, which has the potential to continue its rise, so I will vote sell for next week. An entry sell can be made in the orange box area, we are looking for a good area that is still fresh and has not been touched before, this area is in the price range of 1825.27 to 1822.20, then the stop loss itself can be placed around the red line with a price level of 1815.78, meanwhile the target is there is the last high, my target is close, it’s in the green line area, or at the price level of 1841.64.