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Monday, August 09, 2021

GOLD - POSSIBLE BUY ABOVE @1745

GOLD - POSSIBLE BUY ABOVE @1745

Gold OANDA:XAUUSD

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KEY SUPPORT LEVEL TESTED AND REJECTED
Price are marked with green arrows is a key support level and has again being mitigated by price, filling up
previous imbalance caused by the latter of the the equal lows in the double bottom . We can only affirm
a buy properly when today's candlestick give a proper rejection candle, or lower time frames show good
price rally and bullish setup in marked area of possible buy.

BROKEN DESCENDING CHANNEL BOTTOM TESTED
This descending channel appears to be taken shape from channel tops and bottoms that have discrepancies.
However, this one was drawn from the most current channel top tested by the recent bullish run. Channel
bottom now tested. If it breaks back inside the channel with good buy pressure, we can begin to look for
good buy setups up to the channel top.

STRONG INFLUX OF DEMAND/BUY AT DEMAND ZONE

The key support area has history of order blocks formed and in fact two most recent equal lows. And now, a
third one. It is very difficult on the interim for the bears to break it without much force downside because
of the strong rejection observed. So, we wait and keep an eye on our key areas of buy setup 1725-1745,
where possible buy can occur. I won't advise any sell yet or for now except below key support level tested.

Stay safe and mind your trading rules and the disclaimer below. Thank you!

DISCLAIMER: Please note that this is not an investment advice for anybody to run or undertake; It is for
educational purposes only and they are my personal views on these assets. If anything goes south, I am not liable.
Also, know that Forex is a high risk and reward business. So, do not trade with borrowed money or the one you can
not afford to lose.



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