Gold daily analysis 01.03.2022
After the failed break out at 1926 on the day it made high of 1974 now gold is range bound between its longterm resistance 1926 and present good support at 1880.
Since two days it is not making higher high or lower low. This shows gold is accumulating. We can see an ascending wedge forming. So once this accumulation completes gold has to break this wedge.
The war news will help gold for breakout 1926 to target 1960 level (generally ascending wedge will have bullish break out)
However the sometimes breakout may fail and gold may test its support near 1880 and 1854. (this will be possible on the NFP news)
For today the support is 1890 and resistance is 1918. So we prefer scalping trades with
buy near 1890-1895 range SL 1880 TP 1910
sell near 1916-1922 range SL 1928 TP 1904
Gold is still bullish and we prefer long trades only in scalping. However considering the strong resistance at 1926 we may go for a longterm short trade near this zone.
Since two days it is not making higher high or lower low. This shows gold is accumulating. We can see an ascending wedge forming. So once this accumulation completes gold has to break this wedge.
The war news will help gold for breakout 1926 to target 1960 level (generally ascending wedge will have bullish break out)
However the sometimes breakout may fail and gold may test its support near 1880 and 1854. (this will be possible on the NFP news)
For today the support is 1890 and resistance is 1918. So we prefer scalping trades with
buy near 1890-1895 range SL 1880 TP 1910
sell near 1916-1922 range SL 1928 TP 1904
Gold is still bullish and we prefer long trades only in scalping. However considering the strong resistance at 1926 we may go for a longterm short trade near this zone.
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