The speaker discusses the current state of gold trading, noting that there is potential for a buy at around 1960s and that breaking past 1975 could lead to further gains. They also discuss potential resistance levels and caution against selling at current levels. Viewer charts are reviewed and analyzed.

Analyzing Gold’s Market: Is Long Bias Favorable?

Introduction

Gold has been a popular trading commodity for many investors, especially during volatile economic conditions. How is the current gold market performing? Is long bias favorable? In this article, we will analyze the market charts and data to determine the current status of gold trading.

Daily Time Frame Analysis

Yesterday’s candle has shown a bullish close, forming higher support than the previous level, indicating a possible upward movement in prices. The high value of yesterday’s candle was recorded at 1975, causing a break above this value indicating a clear chart range till resistance.

To further analyze the market, it is important to consider the support level, which is currently prevalent. In case of a break above the previous daily value of 1975, it is expected that the market will move upward.

Four Hour Analysis

The Four Hour analysis indicates that a rejection wick appeared in the same region as yesterday, with the previous resistance at 1960. This has led to a projected bearish outcome, closing at a lower value in the next candle. However, it’s important to note that we have broken the previous year’s high, resulting in a bullish push.

At present, it is advisable to consider a long bias position for gold trading.

One Hour Analysis

Moving onto One Hour analysis, the current range stands at 1967. Although we may encounter sellers in this region, a bullish trend can be anticipated due to a consistent rise in support levels.

Other than this, we may also expect a possible retest resistance, which will give us further insight into the future movements of the market.

Thirty Minutes Analysis

The current movement at this stage is in the form of accumulation, which later translates into a strong upward move. However, it is still not recommended to purchase gold due to potential resistance of sellers in the region.

In addition, although there is the possibility of a cell, the range is only 40 pips, so scalping proves to be a good tactic for traders.

Five Minutes Analysis

Currently, the market demand for gold is at 1960-1958, which may witness a spike in demand if approached in the future. It is advisable to wait for this value as it could lead to an upward trend.

Conclusion

Summing up, the gold market is in a favorable position to adopt long bias positions. However, it is essential to consider the support levels and possible resistance that may be encountered. In addition, scalping is recommendable due to a limited range. Overall, the gold market is a good trading option for the current market conditions.