GOLD : Daily Technical Analysis June 21, 2021

@fadly Monday 21/06/2021

Good evening everyone.
wish you good health always

GOLD/XAUUSD has an interesting setting for our day trading. Where since a few days ago this commodity appears to be in a quite interesting pattern.

Check out XAUUSD on the following Daily chart:

GoldGold

Judging from the chart above, it can be seen that the commodity price of XAUUSD/GOLD is still trying to move lower than the previous Higher Low level (Black Circle) in line with the increasingly positive US dollar sentiment, so that the price reaction at this Higher Low level. The low will be the basis for confirmation whether the selling pressure continues or not. this safe haven. Come see.

For today's entry review, let's look at XAUUSD on the 1 hour chart below:

Gold

Based on the picture above,

I have determined the following intraday Support and Resistance price levels:

Resistance2 (R2) : 1801.05

Resistance1(R1): 1781.68

Support1(S1): 1747.56

Support2(S2): 1728.34

GOLD : Daily Technical Analysis June 21, 2021

In the chart above, it appears that GOLD has tended to move downwards since the London session after rising slowly to a minor correction. The price reaction at the lowest range last week will be our confirmation to read the market view at the beginning of this week.

Today, focus on the analysis of the price reaction to the surrounding charted levels to aid the confirmation process with the latest sentiment around the US dollar and Risk Appetite. Stay objective!

The Volume Type indicator will help to read the magnitude of interest in the price for opportunities for direction formation.

The R1 level and the S1 level will also measure how much traders are interested in this XAUUSD commodity, a breakout at one of these levels will be an indication of a good price direction.

Beware of a consolidation pattern or false breakout between the R1 level and the S1 level today.

Don't assume (Trade only what you see, not what you think).
Come see.
Well, in my view/prediction, based on the price movement we analyzed above, today we will try to see opportunities for available entries. However, technicals do not allow playing, so the best entry that can be made is, we will continue to see the CLOSE PRICE movement on the 1 hour candle.

My setup for Breakout GOLD opportunity
Buy: If the price closes the 1 hour candle breaks the R1 level, then get ready to find the best BUY Entry position, you can also let the position reach the R2 level (the strongest Resistance level today) to see the reaction to that level to go back up or.

Sell ​​: If the price closes the 1 hour candle penetrates the S1 level, then be prepared to look for the best SELL Entry position, you can also let the position reach the S2 level (the strongest Support level today) to see the market reaction to that level to go back down or

My setup for Pullback opportunity GOLD
Sell: If the price of the 1 hour close candle does not break the R1 level (such as forming a bear pin bar), then be prepared to look for the best SELL Entry position, but if the price reaches and breaks this level, be prepared to cut loss. Can be applied at level R2 as well.

Buy: If the price of the 1 hour close candle does not break the S1 level (such as forming a bull pin bar), then be prepared to look for the best BUY Entry position, but if the price reaches and breaks this level, then be prepared to cut loss. Can be applied at S2 level as well.

Always use a Risk Reward of at least 1:1 or 1:2 and a trailing stop loss (manual or automatic) when necessary. You can use support and resistance levels for your analysis reference to determine Stop Loss and Cut Loss, stay alert for price consolidation.

Keep using good money management at every entry for a healthy trading continuation, hopefully this article can be your reference in analyzing the market.

That's all i can say my friends

Follow me
@fadly