Comment on Gold on January 13, 2021:
Yesterday was a day of gold, yesterday afternoon the price increased to 1863, the evening decreased from 1863 to 1836 then at night the price of Gold rebounded again leading to the end of yesterday the price of Gold closed. The door of a bullish candle is around the level of 1853 and in my opinion, in combination with the candle the other day (January 12, 2021), it signals that the rally of the price of Gold will continue in today's session.
- With the price of Gold continuously refusing the price range from 1836 to 1837 when the price of gold could not close below this price zone for 3 consecutive days, it turned this price zone into a relatively strong support zone. If any H4 tree today closes with a strong force above the 1863 price range, there is a high possibility that Gold will have a strong rally in the next sessions.
So at what price do we buy Gold ???
- Currently, the gold price is hitting MA20 on H4 plus this is also a relatively strong resistance zone on the daily timeframe, so I expect the gold price to decrease slightly so we can have a chance to enter orders at lower price range. , safer and the price range we can establish buy position with the precious metal Gold today will be around 1843-1847. The safe target will trade in yesterday's range below 1863 and expectation at 1868-1873. This is also the next resistance zone for Gold price if it breaks out 1863 today.