Gold Market Technical Analysis 11th - 15th July 2022
Welcome everyone back to another blog of our weekly Gold Analysis. In the previous week, gold price was in downtrend in both weekly and daily timeframe.
As usual, we will first analyze the price actions of the previous weekly candlestick then the daily candlestick respectively. The previous weekly candle closes bearish with long body with little wick (Shadow). Also, the High and Low prices are lower than that of the weekly candle from two weeks ago, which indicate the possibility of the gold market to continue in its bearish run. Currently, the price is testing the demand zone (the strength of this zone is not high) of the weekly timeframe. In summary, we forecast that the market will most likely continue its downtrend in the upcoming week.
From last Friday’s daily candlestick, we can see the doji candlestick pattern with long upper and lower wick with relatively small body, which indicates the sideway trend of the market in the daily timeframe and most likely will continue in this trend this upcoming Monday.
แต่สำหรับเทรนของ TF Day ตอนนี้สามารถมองเป็นเทรนขาลงชัดเจนและหน้าเทรด Sell ได้เปรียบ ดังนั้นเราควรหาจังหวะในการเทรด Sell ตาม Supply หรือแนวต้านต่างๆค่ะ ส่วนการ Buy ควรลดเสี่ยงหรือถ้าจะเล่น Buy ควรเล่นใน Demand Zone ที่แข็งแรงและรอพฤติกรรมการคอนเฟิร์มต่างๆ เช่น Classic Divergence, QM หรือ Price Action ค่ะ
In summary, the market is still trending up in the monthly timeframe but trending down in both weekly and daily timeframes, so shorting or selling are recommended.
First supply zone that we can consider selling is at 1760-1770 USD, which also has the resistance level in this price range. For buying, first area to consider is between 1730-1720 USD but extra precautions are needed as mentioned earlier.
Please trade at your own risks with a good money management strategy.
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