Gold's uptrend remains intact
As you can see from the chart that gold successfully managed to trade in bullish trend last week of last year and currently holding by this trendline and this trendline seems to be strong as gold already tested this multiple times.
Also, if you look at the Volume profile from the year low to recent close it shows that most volume is accumulated at the upper end of this range and this signal something, if you know this structure then you know that this generating bullish sentiment.
COT Report published last week also showing that managed money adding money into longs and covering their short positions.
On lower time frame the next day CPR is in ascending order so for day trading watch this trendline and if gold maintain to hold then look for buy opportunities and gold can test 1850 Level. Breakdown of this trendline can generate correction and gold can re-test 1800 level.
✔ Intraday Outlook for nest session #Xauusd ✔
Weekly candle: Bullish (Last Week)
Day Candle Gold: Bullish
Dxy last day candle: Bearish
Major News USD: Manufacturing PMI
Intraday support as per OI: 1825
Intraday Resistance as per OI: 1825,50
Price Action Support :1812 Resistance:1850
CPR: wide, Ascending
DJI: -0.22% (Last session)
DXY: -0.31% (Last session)
OI: Descending Last Day
COT: Long +2170, Short -9612 (Last week)
Daily COMEX Vault status: Registered Vaults Unchanged
Daily POC: Ascending
👍All the best for first trading day of New year 👍
Also, if you look at the Volume profile from the year low to recent close it shows that most volume is accumulated at the upper end of this range and this signal something, if you know this structure then you know that this generating bullish sentiment.
COT Report published last week also showing that managed money adding money into longs and covering their short positions.
On lower time frame the next day CPR is in ascending order so for day trading watch this trendline and if gold maintain to hold then look for buy opportunities and gold can test 1850 Level. Breakdown of this trendline can generate correction and gold can re-test 1800 level.
✔ Intraday Outlook for nest session #Xauusd ✔
Weekly candle: Bullish (Last Week)
Day Candle Gold: Bullish
Dxy last day candle: Bearish
Major News USD: Manufacturing PMI
Intraday support as per OI: 1825
Intraday Resistance as per OI: 1825,50
Price Action Support :1812 Resistance:1850
CPR: wide, Ascending
DJI: -0.22% (Last session)
DXY: -0.31% (Last session)
OI: Descending Last Day
COT: Long +2170, Short -9612 (Last week)
Daily COMEX Vault status: Registered Vaults Unchanged
Daily POC: Ascending
👍All the best for first trading day of New year 👍
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