Analysis of today's price movements on April 10, 2021 using the BBMA (Bollinger Bands and Moving Average) indicator,
H4 Time Chart Gold Analysis
Last night Gold price close below the important level of 1750 and the close point is 1743 .in analyzing gold price movements on Time Frame H4. The price is now below 1750 SD + 1 MA magenta color and playing under the blue one and the yellow MA, it is possible that the price will go down and go to the first target point on the magenta MA at the price of 1730.49.
If you take a short position, then the stop loss should be a few pips above the upper price or cut loss if the price reverses back up and the price is playing above 1754.12. If the price moves up again and is above the magenta SD-1 MA, you should take a long position with the Target Points around the green SD + 2 MA, at the price of 1785.48. If you take a buy position, you should use the stop loss at the lowest, or cut loss if the price is back and playing under SD + 1 in magenta and the price is back below the blue MA and the yellow MA.
H1 Time Chart Gold Analysis
Where is the next target of Gold Price! According to H1 time chart. The gold price's next target is probably 1730 or lower. Because the closing point last night was very important and it can urge the sellers to control over the gold price.
There are enough reasons for this. We have seen that during the Corona period, due to the possible economic crisis, investors in the money market chose the reliable instrument Gold Metal. Investors drew money from various sectors, including the stock market, and invested in Gold Metal.
The global economy is now returning to normal due to the discovery and application of the global coronavirus vaccine. And this is why investors are becoming interested in investing in all other sectors, including the stock market, without investing in gold. And because of this, the price of gold has started to decline.
Gold prices have been on a downtrend for a long time. Although we can see some positive momentum but it is not enough for the buyers and they made some upward trend last week, he could not keep up with the trend. When the market opened yesterday, the price of gold was close under the level 1750 dollars. From there is possibilities the price can collapse till the level 1700 again by the current situation of the market.