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Gold Market Going To Boom Boom- Quick Analysis of The Day

 

Comment on Gold on January 6, 2021:

At the end of yesterday's session Gold price bounced up from 1934 to 1953 ($ 19) closed at 1949. After Monday opening the new year, Gold price increased sharply, yesterday Gold price also increased but  The upside momentum has diminished and in my opinion the upside momentum will remain upside down to the resistance zone analyzed in 1956-1965.  But at this price zone, we will limit the strategy of buying and waiting to sell at a good price point.
- Considering on smaller timeframes like H4, Gold has not shown any signal to sell down, but only temporarily in a new area to accumulate for the next trend like changes in the last 2 trading days.  In today's trading session we will have to wait as the price moves up to the upper resistance to establish a position.
- If it reaches the resistance zone of 1956-1965 Gold starts to signal sell, we should only sell to a safe profit-taking zone around the support of 1930.

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