Namaste to all #Hive and #Leo finance community members 🙏

If you regularly follow my analysis blogs of various instruments, you must have known that since by the grace of Lord Krishna, my analysis turns out to be pretty damn right every week. I don't know if you have ever made any investment decisions based on my analysis or not, but my advice and request is to first thoroughly understand the points discussed in each of my analysis blogs well and then based on your understanding and risk appetite trade accordingly.

Click here to go through my last Sunday's analysis.

Image by freepik | Edited on canva

Important points that we talked about last Sunday's analysis.

• Friday's candle itself appears to be a bearish candle. Because it has a long upper wick which signifies rejection in the price from the higher levels. And now it looks like there may be a break in this current momentum.
• So, Friday's high and low will act as immediate support and resistance. It would be wise to wait for the price to break our levels in one direction or the other. Because when that happens the directional move will be sharp.
• The range of Friday's candle is quite big but as they say "A small profit it better than a big loss."
  
  Image by tradingview | 1 Day time frame chart.

Everything we discussed in our previous technical analysis, we have seen it happening in a perfect manner in the past few days.

In the picture shown above you can see Friday's candle highlighted in a white ellipse share and 2 straight yellow lines which denote the range of Friday's price action. As we talked about in our previous analysis, as soon as this range is broken on any side, we will see a sharp movement in one direction. And the rest is in front of you!

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Let us now take another deep dive into the #GOLD chart and see where it could be headed in the coming week.

Image by tradingview | 1 Day time frame chart.

First of all, know this Friday's candle that is highlighted in the white ellipse shape in the image shown above. It is called an inverted hammer candle, and it is formed at the bottom of a downtrend and indicates a reversal.

Technically in the 4-hour time frame, gold price evidently changed its trend from down to up, but the price is still in a downtrend in the daily (1 day) time frame. But one point that is noticeable in both time frames is that before this candle we have seen a huge decline in the price.

Image by tradingview | 4-hour time frame chart.

Now there are a few important things to focus on in the chart above.

• After a continuous selling price has made a bottom on August 21st which is highlighted by a yellow rectangle shape.
• After which we saw a reversal in price and it started moving in a higher high higher lowe trend. Which you can understand by looking at the dotted path in the picture shown above.
• Now Friday's price action which is highlighted in the white ellipse area could be another higher low of this short trend.

But as I said in the previous analysis blog 'Instead of thinking like a buyer or a seller, we have to think like an opportunist.' We are not predicting the direction of the market, instead, we will be focused on how we can take advantage of the movement.

So, let's understand the strategy to trade next few days.

Firstly, mark the low of Thursday and Friday's price action and the high of Friday's candle. Now, as long as the price moves in this range, I would not be interested in taking any trade. Just like last Sunday's analysis, I would prefer to wait for the price to break in either direction because again when that happens the directional move will be sharp.
Do you know why? Because it changes the psychology of market participants and everyone starts following the trend.

So, after breaking Friday's high of 1930 if we saw a follow-up movement in the same direction then 1934, 1939, 1946, 1953, 1957, and 1961 could be our next resistance to the upside.

On the contrary, If the price breaks below last week's low 1915 then 19112, 1907, 1903.50, 1900, and 1896 can act as important support levels.

Just remember that we have to trade as an opportunist and not as a buyer or seller.

Thank you for reading this blog.
आज के लिए बस इतना ही।🙏
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Have a profitable week👍