Gold Daily Analysis
Gold opened at $1962 and closed at $1954, showing a continued downside move📉. The impending USA interest rate announcement adds uncertainty to the market. Yesterday marked the fourth consecutive day of the bearish move, triggered after the price got rejected from $1988. As the week began, the price faced multiple rejections at $1965, including a false breakout to $1968 that was quickly neutralized. The significance of $1965 lies in its strong support resistance level, reinforced by the presence of the 50 EMA of the one-hour and two-hour time frames.
The price is expected to retest the $1965 level today, but it has gained even more strength as it is now accompanied by trendline channel resistance📊. Moreover, bearish divergences are evident at the one-hour and two-hour time frames, signaling potential downward pressure🐻.
Given the current scenario, the price may attempt to test the $1965 level again, but caution is warranted due to the added resistance and bearish signals. A quote from legendary trader Jesse Livermore comes to mind: "The speculator's deadly enemies are: Ignorance, greed, fear, and hope."
As the market unfolds, it is vital to be mindful of upcoming events and technical levels. Stay informed, exercise prudence, and stick to your trading plan📈💼.
today's plan includes sell entry at rejection of 1963 with targets of 1955 and 1940 while buy entry at break and retest of 1965 with entry at second retest fo 1965 and target of 1980 and 1988
