GOLD MARKET ANALYSIS D-1 Timeframe Trading in the Gold market pair traded on Wednesday failed to be dominated by buyers because they were unable to break through the seller resistance area at 3433-3432, which was solidly defended by sellers. This caused the Gold price to plummet again due to strong selling pressure from sellers.
Monitored using the Bollinger Bands indicator on the Daily timeframe, it appears that the price or candlestick has been successfully controlled by sellers or sellers who have regained control of the price from buyers by again pushing the price down bearishly below the Upper Bollinger Bands area at 3404-3403, supported by the formation of a strong bearish candlestick, opening an opportunity for sellers to dominate trading by continuing to drive the price down deeper. Trading on Thursday tends to be controlled by sellers who will continue to maintain their bearish momentum by targeting the price to fall towards the Middle Bollinger Bands area at 3341-3340. Trading on Thursday in the Asian market session appears to be dominated by sellers or sellers who enter larger amounts are able to pressure buyers by moving down bearishly towards and trying to break out the nearest buyer support area at 3374-3373. If this buyer resistance area is successfully breached by valid selling pressure, the gold price will sink even deeper into a bearish trend, with the next target being the buyer support area at 3352-3351. However, if buyers are able to curb the bearish trend at the nearest support area, this opens up the opportunity for the gold price to rise even higher, with a target of the seller resistance area at 3413-3414.
Today's trading conclusion: A buy entry can be made if the buyer succeeds in breaking above the nearest seller resistance area at a price of 3413-3414 with a target area of TP at a price of 3435-3436.
