Market Analysis – February 9
Gold has been soaring easily through multiple resistance levels on the daily chart. The market is drawing toward liquidity pools at resistance levels.
Gold Key Levels:
Demand Levels: 1871.0, 1786.0, 1740.0 1727.0
Supply Levels: 1999.0, 2067.0, 2150.0, 2200.0
Gold Long-term Trend: Bullish
Gold buyers attempted to strike at 1999.0 but got exhausted after shooting higher than 1871.0. The market is currently witnessing a pullback to regain strength to push further. In 2020, the market was characterized by a bearish institutional order flow. A bearish channel guided the downward delivery of the market from the supply level at 2067.0 to the support level at 1740.0. Major selloffs were noticed at 1999.0 and 1871.0.
A bullish shift in market structure has played out after the test of the 1727.0 demand zone in November. The buyers took advantage of the oversold signal from the Williams % R (percent range). The market soared rapidly with the support of the Parabolic (SAR) beneath the daily candles. The force of the market’s ascent is revealed on the ADX (Average Directional Index). The buyers aimed for 1999.0 but got exhausted just before striking the key level. The market is currently on a pullback to gather momentum for bullish strength. The Williams % R is currently oversold at the 1871.0 support level. The market is expected to resume ascending to attack the resistance level.
Gold Short-term Trend: bearish
On the lower timeframe, there is a bearish structural shift. The newly created downtrend on the lower timeframe is expected to be temporary due to the direction of the daily chart. A bullish reversal would be best for an entry to go long toward 1999.0
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