Gold Price Reaches Supply Level: Seeking Confirmation for Sell S

28 בנוב׳ 2023

The gold price has just reached the supply level visible on the daily chart. However, since this is not the price's first encounter with this supply level, it becomes riskier to trade at this level. Therefore, it's advisable to seek confirmation from a lower time frame. On the H1 chart, we can observe the last demand level below, marked as Demand-1. If the price breaks below this demand level, it tends to continue downward until it reaches Demand-2. In the event of a breakdown of Demand-1, we can search for a setup for a sell position.