Gold Market Technical Analysis 18th - 22nd July 2022
Greeting to all traders and welcome back to another blog of our weekly Gold market analysis. In the previous week, gold market continues in its bearish trend and broke through several support levels.
As usual, we will first analyze the price actions of the previous weekly candlestick then the daily candlestick respectively. The weekly candlestick is a bearish candle with very little upper and lower wicks. Also, the close and low prices are both lower than that of the candlestick before, which indicate that the market direction will most likely continue downward but currently the price is testing the 1700 USD support level.
The previous daily candlestick from last Friday is a doji candle with relatively same length of upper and lower wicks, which indicate that the market is in a sideway trend in the daily timeframe. The price can either continue in its sideway trend or drop further down on Monday.
แต่สำหรับเทรนของ TF Day ตอนนี้หน้าเทรด Sell ยังคงได้เปรียบ ดังนั้นเราควรหาจังหวะในการเทรด Sell ตาม Supply หรือแนวต้านต่างๆค่ะ ส่วนการ Buy ควรลดเสี่ยงหรือถ้าจะเล่น Buy ควรเล่นใน Demand Zone หรือ แนวรับที่แข็งแรงและรอพฤติกรรมการคอนเฟิร์มต่างๆ เช่น Classic Divergence, QM หรือ Price Action ค่ะ
Regarding the current support level at 1700 USD, there is no significant demand zone and has been tested multiple times in the past so buying at this level is not recommended and extra precautions are needed.
First action zone for buy setup is around 1690-1680 USD range, which is a significant support level as there were several price rejections in the past. However, as mentioned earlier, buying requires extra precautions and price entry confirmation (If there is a special Gold reversal pattern, it will helps increase the chance of winning for buy entries)
For sell entries, the resistance zone between 1730-1750 USD, which is the newly created supply zone, is recommended as the first potential selling zone. The resistance level at 1720 is not as significant as the other zone mentioned earlier so selling at this level needs confirmation.
Please trade at your own risks with a good money management strategy.
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