Gold Market Technical Analysis 1st - 5th August 2022
Welcome everyone back to another blog of our weekly Gold Analysis. Not only are we sliding to the new week but also the new month. Let us start off with candlestick pattern analysis in the monthly timeframe then follow with weekly and daily timeframes respectively.
The previous monthly candlestick is a bearish candlestick with long lower shadow (Wick), which indicates high buy volume and possible trend reversal (Bullish reversal) but we need another monthly candlestick to confirm a bullish reversal pattern. Nevertheless, the price rebounded up from an important support level so the price can continue to trending up further in this month.
The previous weekly candlestick closes as a bullish candle with every little upper wick, which indicates large amount of buy volume and possibility of bullish trend in this week.
For the previous daily candlestick, it also closes as a bullish candlestick but has long upper wick which indicate relatively the same amount of sell and buy volume on Friday and possible sideway market in the up coming days. However, if we take a look at overall candlestick patterns from three timeframes mentioned earlier, there is a higher possibility that the price will continue to rally up on Monday.
As the trend in the daily timeframe is an uptrend and in the supply zone of the 4-hourly timeframe that were already tested several times in the past, the price can brake this supply zone so buy setups are more favorable more than sell setups.
The current interesting buy zone is around 1740 USD, which has both demand zone and support level. We can consider buying at this area.
ในส่วนของการ Sell บริเวณ 1770 ก็เป็นจุดที่น่าสนใจ แต่เนื่องจาก Supply Zone บริเวณนี้ถูกทดสอบมาแล้ว อาจไม่มีความแข็งแรงมากนัก ดังนั้นการจะ Sell จุดนี้ ควรรอแพทเทิร์นกลับตัว คือ QM หรือ Quasimodo Pattern ใน timeframe เล็กๆ ถึงจะค่อยพิจารณา Sell ค่ะ หรือถ้ามีพฤติกรรมทองย้ำโล ส่งเข้าหาราคานัยยะ 1770 จึงค่อยพิจารณาเข้าเทรดค่ะ
In summary, the current market trend is up in the daily timeframe so buy setups are preferred so buying in demand zones from 1790-1800 USD are recommended.
Please trade at your own risks with a good money management strategy.
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