After the breakout of the resistance level from 1827, we have a clear traffic to the left hand side. This clear traffic depicts the markup towards the 1835. This would be our target profit. After the breakout buy, we would need for the market to retest. This retest will form our structure towards the buy side once the candles give us an indication of a bullish engulfing or pinbar. 

The descending trendline has been broken out for buys but need to break the resistance level in order to continue up. But we need to remember, the trend is still bearish unless until we have broken the bearish structure.

In between the support and the resistance, we have a golden retracement area which needs to be tapped and reacted at. Until that is done, we should avoid buying righ after the breakout of the resistance as the retracement has the tendency to push the market down. 

Both the EMA's 50 and 200 are in a bearish sentiment with a retested being expected at the resistance level. This level will also be in confluence with the resistance level and also the retracement level. 

Both the oscillators are in a bearish region and might be heading towards the bullish region. Once the neautralized levels and the resistance are are breached, we have double confluence for the breakout buy for the intraday buys.

Gold intraday buys

May 16 2022

Stop Loss -0.76%

Holding time 22hr

1829.65

Entry price

1815.68

Stop loss price