*Gold 2H Update - Currently trading around $4,363*
*2H Chart Structure:*
1. *Breakout from Consolidation:* Gold was stuck in a $4,300 - $4,366 range for the last few days. After the Fed's 25bps rate hike yesterday, it wicked down to $4,257 and then recovered strongly.
2. *Current Status:* Price has closed back above the *100-day SMA at $4,330*, which is a bullish sign. However, the *20 EMA at $4,393* is still acting as resistance on top.
3. *RSI Neutral:* RSI is around 47-51, meaning the market is not overbought yet and has room to go up.
*2 Plans for 2H:*
*BULLISH PLAN (My favorite):*
As long as price holds above *$4,330 - $4,340 (100-day SMA support)*, buy on dip is better.
- Entry Zone: $4,350 - $4,365
- Target 1: $4,393 (20 EMA)
- Target 2: $4,449 (Next Resistance)
- SL: Below $4,315
*BEARISH PLAN (If it fails):*
If a 2H candle closes below *$4,327*, it will be a false breakout and price can fall back to *$4,280 - $4,220*.
*What does Volume say?*
There was a volume spike on yesterday's breakout, which means buyers are active. On the retest, volume should be low, that will be a healthy retest.
*2H Chart Structure:*
1. *Breakout from Consolidation:* Gold was stuck in a $4,300 - $4,366 range for the last few days. After the Fed's 25bps rate hike yesterday, it wicked down to $4,257 and then recovered strongly.
2. *Current Status:* Price has closed back above the *100-day SMA at $4,330*, which is a bullish sign. However, the *20 EMA at $4,393* is still acting as resistance on top.
3. *RSI Neutral:* RSI is around 47-51, meaning the market is not overbought yet and has room to go up.
*2 Plans for 2H:*
*BULLISH PLAN (My favorite):*
As long as price holds above *$4,330 - $4,340 (100-day SMA support)*, buy on dip is better.
- Entry Zone: $4,350 - $4,365
- Target 1: $4,393 (20 EMA)
- Target 2: $4,449 (Next Resistance)
- SL: Below $4,315
*BEARISH PLAN (If it fails):*
If a 2H candle closes below *$4,327*, it will be a false breakout and price can fall back to *$4,280 - $4,220*.
*What does Volume say?*
There was a volume spike on yesterday's breakout, which means buyers are active. On the retest, volume should be low, that will be a healthy retest.
