Gold plays at $3,354 price level, displaying weakness within the lower territory going by 4hr time frame. We Perceive that this weakness might take this leg to 3,283 price level, if sales pressure sustains.

What to look out for:

If price breaks 3,310.4 price level, we will be heading to 3,282.4. and if price breaks the territory lower, we will have the next support at 3,245 price territory. If this territory doesn't hold by good support, then we are sure to come down to 3,163 price level, where we will hold a very strong support.

At the order hand, if price breaks $3,376 level, and hold then we have signs of strength. Above this level, we have a strong resistance at $3,398.8 price level. If we break this resistance and hold, we have a higher probability that price will be heading to $3,441.8 price level.

What does this mean to you?

If you are looking to buy, please wait until the price breaks that level at $3,377.377 level and hold before you go long with your SL at around 3,371.964. while you target the next resistance at 3,392.2.

But if you are looking to sell, wait, if price breaks $3,344.53 level, and hold lower, you can enter with your target at $3,319.286 and SL at $3350.411.

Disclaimer: The above analysis is for Educational purposes only and not meant for any investment. If you want to follow this analysis to carry out any investment decisions, please make sure that you do your own research. Possibilities are that I might be totally wrong and market play out differently. Please always do your own research. Good luck 💯 

This analysis was first published on BULB 💡