Get started

Goldtrading

GOLD ROUTE MAP UPDATEHey Everyone, Once again a great start to the week with our 1 chart idea already playing out to perfection!! We got our Bullish target 2663 hit followed with no cross and lock confirming the rejection into our bearish target 2654. We then got our cross and lock below 2654 opening 2646, which was hit perfectly. 2646. 2646 is also currently giving the weighted bounce just like we analysed for the weighted bounce. We will now wait to see if we get a cross and lock below 2646 to open the retracement range or failure to lock below this level will follow with another push up to re-test the levels above. We will keep the above in mind when taking buys from dips. Our updated levels and weighted levels will allow us to track the movement down and then catch bounces up. We will continue to buy dips using our support levels taking 30 to 40 pips. As stated before each of our level structures give 20 to 40 pip bounces, which is enough for a nice entry and exit. If you back test the levels we shared every week for the past 24 months, you can see how effectively they were used to trade with or against short/mid term swings and trends. BULLISH TARGET 2663 - DONE EMA5 CROSS AND LOCK ABOVE 2663 WILL OPEN THE FOLLOWING BULLISH TARGET 2672 BEARISH TARGETS 2654 - DONE EMA5 CROSS AND LOCK BELOW 2654 WILL OPEN THE FOLLOWING BEARISH TARGET BEARISH TARGET 2646 - DONE EMA5 CROSS AND LOCK BELOW 2646 WILL OPEN THE RETRACEMENT RANGE RETRACEMENT RANGE 2638 - 2628 EMA5 CROSS AND LOCK BELOW 2628 WILL OPEN THE SWING RANGE SWING RANGE 2618 - 2608 As always, we will keep you all updated with regular updates throughout the week and how we manage the active ideas and setups. Thank you all for your likes, comments and follows, we really appreciate it! Mr Gold GoldViewFX
OANDA:XAUUSD
by Goldviewfx
14
XAU/USD 14 October 2024 Intraday AnalysisH4 Analysis: -> Swing: Bullish. -> Internal: Bearish. Analysis/Bias remains the same as analysis dated 13 October 2024. As mentioned in my analysis dated 09 October 2024, price could print lower to bring CHoCH positioning closer to current price action, as the previous CHoCH positioning was quite distant. This is exactly how price has moved. Price is currently positioned in the premium above the 50% equilibrium (EQ). Intraday Expectation: Price is expected to react at the premium of the 50% EQ or H4 supply zone before targeting weak internal low. I advise caution due to ongoing geopolitical tensions and the Fed's dovish stance. However, we will remain systematic in our approach. H4 Chart: M15 Analysis: -> Swing: Bullish. -> Internal: Bullish. Following last week's bearish iBOS, price did not target weak internal low with price printing bullish iBOS. This is in line with H4 bullish pullback phase. We are now trading within an internal low and fractal high. Should price print bearish CHoCH we would have a confirmed internal range which will be significantly narrower than previous internal ranges. Intraday Expectation: Price is expected to print a bearish CHoCH, indicating the initiation of bearish pullback phase. Bearish CHoCH positioning is marked with a blue dotted line. Systematically price should either react at discount of 50% EQ or M15 demand level to target weak internal high, however, due to significant narrowing of the internal range, coupled with the fact that price is in premium of 50% EQ of the H4 internal range, I would not be surpised if price printed a bearish iBOS. M15 Analysis:
OANDA:XAUUSD
by Khan_YIK
THE KOG REPORT THE KOG REPORT: In last week’s KOG Report we said we would be looking for price to push up and look for a reaction above, this came earlier than expected but we got the move as anticipated down into the lower regions completing KOG’s bias of the week and day. It’s at that lower level we got the perfect tap and bounce giving the long trade back upside allowing us to use the red boxes and Excalibur to trade up to where we closed. A good week on the markets again, not only on Gold but all the other pairs we trade giving us nearly a full house of completed targets, bar NAS. So, what can we expect in the week ahead? For this week we’re going to keep it simple and as usual update traders through the week with our plans. We have a resistance level above 2663-5 which if held during the early session we feel could give traders the opportunity to attempt the short trade back down into the 2650-55 region and below that 2635-30. We’re likely to get tap and bounce on the move, so keep an eye on the red boxes for the reaction level. We’re going to play a little caution here on this bullish move at the moment and say that if we manage to break below the 2650, we will hold back on attempting the long trades, reason being there is a structure on the chart that is sticking out and it entails caution. Like we said, simple one this week, only looking for that move unless we break above 2675, otherwise, another curveball on the way! KOG’s bias for the week: Bullish above 2635 with targets above 2670 and above that 2675. Bearish on break of 2635 with targets below 2595 Red boxes : Break above 2665 for 2675 and 2680 extension of the move Break below 2650 for 2640 and 2630 extension of the move Please do support us by hitting the like button, leaving a comment, and giving us a follow. We’ve been doing this for a long time now providing traders with in-depth free analysis on Gold, so your likes and comments are very much appreciated. As always, trade safe. KOG
FX:XAUUSD
by KnightsofGold
8
GOLD 1H CHART ROUTE MAP & TRADING PLAN FOR THE WEEKHey Everyone, Please see our updated 1h chart levels and targets for the coming week. We are seeing price between two weighted levels. We have 2663 Goldturn resistance and 2654, as Goldturn support. We currently have a gap above on market open at 2663 and below at 2654 and will need ema5 cross and lock on either weighted level to determine the next range. We will see levels tested side by side until one of the weighted levels break and lock to confirm direction for the next range. We will keep the above in mind when taking buys from dips. Our updated levels and weighted levels will allow us to track the movement down and then catch bounces up. We will continue to buy dips using our support levels taking 30 to 40 pips. As stated before each of our level structures give 20 to 40 pip bounces, which is enough for a nice entry and exit. If you back test the levels we shared every week for the past 24 months, you can see how effectively they were used to trade with or against short/mid term swings and trends. BULLISH TARGET 2663 EMA5 CROSS AND LOCK ABOVE 2663 WILL OPEN THE FOLLOWING BULLISH TARGET 2672 BEARISH TARGETS 2654 EMA5 CROSS AND LOCK BELOW 2654 WILL OPEN THE FOLLOWING BEARISH TARGET BEARISH TARGET 2646 EMA5 CROSS AND LOCK BELOW 2654 WILL OPEN THE RETRACEMENT RANGE RETRACEMENT RANGE 2638 - 2628 EMA5 CROSS AND LOCK BELOW 2628 WILL OPEN THE SWING RANGE SWING RANGE 2618 - 2608 As always, we will keep you all updated with regular updates throughout the week and how we manage the active ideas and setups. Thank you all for your likes, comments and follows, we really appreciate it! Mr Gold GoldViewFX
OANDA:XAUUSD
by Goldviewfx
26
GOLD 4H CHART ROUTE MAP & TRADING PLAN FOR THE WEEKHey Everyone, Please see our updated 4h chart levels and targets for the coming week. We are seeing price between two weighted levels. We have 2669 Goldturn resistance and 2640, as Goldturn support. We currently have a gap above on market open at 2669 and below at 2640 and will need ema5 cross and lock on either weighted level to determine the next range. We will see levels tested side by side until one of the weighted levels break and lock to confirm direction for the next range. We will keep the above in mind when taking buys from dips. Our updated levels and weighted levels will allow us to track the movement down and then catch bounces up. We will continue to buy dips using our support levels taking 30 to 40 pips. As stated before each of our level structures give 20 to 40 pip bounces, which is enough for a nice entry and exit. If you back test the levels we shared every week for the past 24 months, you can see how effectively they were used to trade with or against short/mid term swings and trends. BULLISH TARGET 2669 EMA5 CROSS AND LOCK ABOVE 2669 WILL OPEN THE FOLLOWING BULLISH TARGET 2693 EMA5 CROSS AND LOCK ABOVE 2693 WILL OPEN THE FOLLOWING BULLISH TARGET 2715 POTENTIALLY 2737 BEARISH TARGETS 2640 EMA5 CROSS AND LOCK BELOW 2640 WILL OPEN THE RETRACEMENT RANGE RETRACEMENT RANGE 2611 EMA5 CROSS AND LOCK BELOW 2611 WILL OPEN THE SWING RANGE SWING RANGE 2584 - 2564 As always, we will keep you all updated with regular updates throughout the week and how we manage the active ideas and setups. Thank you all for your likes, comments and follows, we really appreciate it! Mr Gold GoldViewFX
OANDA:XAUUSD
by Goldviewfx
7
GOLD DAILY CHART SHORT/MID TERM ROUTE MAPHey Everyone, Please see update on our daily chart idea that we have been tracking for a while with the updated retracement and swing range. Last week we highlighted our long range gap above at 2690, as we had ema5 cross and lock above 2645 opening 2690. We also stated that the daily chart averages are lagging so sometimes gaps get filled before ema5 confirmation, in which case candle body close gaps are suffice. On this occasion we have the ema5 lock. We got the candle body clos below 2645 opening the retracement range. This was hit perfectly and also provided the weighted support bounce inline inline with our plans to buy dips knowing we have a long term gap target above. We will keep the above in mind when taking buys from dips. Our updated levels and weighted levels will allow us to track the movement down and then catch bounces up. Our long term bias is Bullish and therefore we will continue to use our smaller timeframes to buy dips using our levels and setups. Buying dips allows us to safely manage any swings rather then chasing the bull from the top. Thank you all for your likes, comments and follows, we really appreciate it! Mr Gold GoldViewFX
OANDA:XAUUSD
by Goldviewfx
5
WEEKLY CHART MID/LONG TERM ROUTE MAPHey Everyone, Please see update on our weekly chart idea that we have been tracking and trading over the last 3 weeks. Last week we stated that we have a detachment to ema5 below, also inline with the channel top for a possible re-test for a correction and that we had some of this correction but not the full attachment to ema5. - This correction was now complete by touching ema5 and followed with the bounce, as the channel top provided the support like we stated perfectly inline with our plans to buy dips. As stated before if the channel top continues to provide support then we will track the movement up, confirmed with ema5 cross and lock or candle body close. We currently have a candle body close gap to 2729 our long range AXIS TARGET. However, if we continue to see tests on the channel top and then get a break inside the channel, then we will track the movement down, inline with our plans to buy dips, using our smaller time-frames, keeping in mind the long range gap for the future.. Buying dips allows us to safely manage any swings, instead of chasing the bull from the top. Thank you all for your likes, comments and follows, we really appreciate it! Mr Gold GoldViewFX
OANDA:XAUUSD
by Goldviewfx
7
GOLD 4H CHART ROUTE MAP UPDATEHey Everyone, Please see update on our 4H chart for another PIPTASTIC finish to the week. Our plans to buy strategic dips played out perfectly using our levels We got the 2640 test earlier this week, followed with a cross and lock opening the retracement range. Retracement range at 2610 was hit perfectly with no lock confirming the rejection for support. The weighted support gave the bounce into 2640, as highlighted by our arrow on the chart idea for the weighted bounce. We now have the break above 2640 and heading towards our bullish target at 2669. for the finish. We will now come back Sunday with our updated Multi time-frame analysis, Gold route map and trading plans for the week ahead. Have a smashing weekend!! And once again, thank you all for your likes, comments and follows, we really appreciate it! Mr Gold GoldViewFX
OANDA:XAUUSD
by Goldviewfx
8
Gold May Rise to 2652.00 - 2667.00 (READ DESCRIPTION)Gold May Rise to 2652.00 - 2667.00 Pivot Point: 2627.00 The pivot point at 2627.00 serves as a key support level. As long as the price remains above this level, the outlook remains bullish with a potential path towards higher targets. Primary Strategy (Our Preference): Entry Point: Long positions should be considered as long as the price stays above 2627.00. Target Levels: 2652.00: The first target, indicating a continuation of the upward trend. This level marks a possible resistance where the price may consolidate or extend further. 2667.00: The next target, representing further upward momentum if the bullish trend continues. Alternative Scenario: If the price falls below 2627.00, traders should consider shifting to short positions. Entry Point: Initiate short positions if the price breaks below 2627.00. Target Levels: 2618.00: The first downside target, which may act as a minor support level. 2604.00: The next support level, signaling potential further weakness if bearish momentum increases. Technical Outlook: RSI Indicator: The break above 2627.00 is a positive signal, but the RSI will offer further insight into the strength of the bullish move. MACD Indicator: The MACD is likely positive, reinforcing the potential for continued upside if the price remains above the pivot. Moving Averages: The price above its key moving averages supports the bullish sentiment, especially with a break above the pivot level. Market Dynamics: A break above 2627.00 suggests bullish momentum, opening a path toward the 2652.00 and 2667.00 targets. Traders should monitor price action closely, as a fall below the pivot would signal the possibility of downside targets at 2618.00 and 2604.00. Summary: As long as gold remains above the pivot of 2627.00, the path toward 2652.00 and 2667.00 looks promising. A drop below the pivot could shift sentiment, with downside targets at 2618.00 and 2604.00 coming into focus.
OANDA:XAUUSD
by CharivapaAlgo
GOLD ROUTE MAP UPDATEHey Everyone, Great day on the chart today, allowing us to continue to buy dips inline with our plans. We now have an extended range to buy dips, as the swing range is open from the ema5 break below 2611. However, currently we are seeing a nice push up, heading towards completing the bounce from the retracement range to 2633, as highlighted on the chart. We will now keep in mind the extended range due to swing range lock, managing risk and range when buying dips. Our updated levels and weighted levels will allow us to track the movement down and then catch bounces up. We will continue to buy dips using our support levels taking 30 to 40 pips. As stated before each of our level structures give 20 to 40 pip bounces, which is enough for a nice entry and exit. If you back test the levels we shared every week for the past 24 months, you can see how effectively they were used to trade with or against short/mid term swings and trends. BULLISH TARGET 2655 - DONE EMA5 CROSS AND LOCK ABOVE 2655 WILL OPEN THE FOLLOWING BULLISH TARGET 2674 BEARISH TARGETS 2633 - DONE EMA5 CROSS AND LOCK BELOW 2633 WILL OPEN THE RETRACEMENT RANGE RETRACEMENT RANGE 2611 - DONE EMA5 CROSS AND LOCK BELOW 2611 WILL OPEN THE SWING RANGE SWING RANGE 2586 - 2558 As always, we will keep you all updated with regular updates throughout the week and how we manage the active ideas and setups. Thank you all for your likes, comments and follows, we really appreciate it! Mr Gold GoldViewFX
OANDA:XAUUSD
by Goldviewfx
10
Gold May Fall to 2595.00 - 2605.00 (READ DESCRIPTION)Gold May Fall to 2595.00 - 2605.00 Pivot Point: 2624.00 The pivot point at 2624.00 is a crucial resistance level for gold. As long as the price remains below this level, the outlook is bearish, indicating potential for a downward movement. A break above this level would change the sentiment to bullish. Primary Strategy (Our Preference): Entry Point: Look for short positions as long as the price holds below the pivot point of 2624.00. Target Levels: 2605.00: This first downside target indicates that selling pressure could drive the price lower, reflecting bearish momentum. 2595.00: The next target represents further downside potential, reinforcing the bearish outlook if the gold price continues to decline. Alternative Scenario: If gold rises above the pivot point at 2624.00, traders should consider long positions. Entry Point: Initiate long positions if the price breaks and remains above 2624.00. Target Levels: 2634.00: This level represents the first upside target, indicating potential bullish momentum if buying pressure increases. 2642.00: A further rise to this target suggests sustained bullish sentiment, indicating more upward potential. Technical Outlook: RSI Indicator: The RSI is below its neutral level, suggesting bearish momentum as selling pressure exceeds buying pressure. MACD Indicator: The MACD is negative and below its signal line, further supporting a bearish trend. Moving Averages: Gold is trading below both its 20-period and 50-period moving averages (at 2621.00 and 2628.00, respectively), indicating a negative outlook. Market Dynamics: As long as gold remains below the pivot point of 2624.00, the market is likely to continue its decline toward 2605.00 and 2595.00. A break above the pivot would shift sentiment, leading to potential gains toward 2634.00 and 2642.00. Summary: The pivot point at 2624.00 is critical for maintaining a bearish outlook for gold. Holding below this level opens the possibility for price decreases toward 2605.00 and 2595.00. Current technical indicators support the bearish sentiment, but a reversal could occur if the price breaks above the pivot resistance.
OANDA:XAUUSD
by CharivapaAlgo
GOLD Gains in London Session Amid US Dollar Strength Gold continues to attract buyers during the London session, trading around $2,616 as it approaches a potential demand area, which could spark a pullback and further growth. However, the strong US Dollar (USD), which has preserved its recent gains to an eight-week high, is expected to act as a headwind for the non-yielding yellow metal. US CPI Report and its Impact on Gold The upcoming US Consumer Price Index (CPI) report is a key focus for traders, as it could shape expectations regarding the size of the Federal Reserve's potential rate cut next month. Depending on the CPI data, demand for the USD could shift, providing a significant driver for Gold prices. As a non-yielding asset, Gold typically moves inversely to the US Dollar, so any indication of an extended pause or slower rate cut by the Fed could impact Gold’s price direction. Geopolitical Concerns and Safe-Haven Demand In addition to economic data, traders are also watching geopolitical developments, particularly the ongoing conflicts in the Middle East, which continue to influence safe-haven demand for Gold. Any escalation in tensions could lead to further buying interest in the precious metal as investors seek safety amid market uncertainty. Waiting for Key Demand Zones Currently, we are waiting for the price to reach one of the identified demand areas before opening a potential position. These zones are critical for assessing whether Gold will experience a bullish pullback or continue facing pressure from the strong US Dollar. As the situation evolves, patience will be key in identifying the right moment to enter the market. Conclusion While Gold continues to attract buying interest, its trajectory will depend on upcoming US economic data, particularly the CPI report, and ongoing geopolitical tensions. We remain on the sidelines for now, awaiting a more favorable entry point as the price approaches key demand areas. Stay tuned for further updates as we monitor these developments. ✅ Please share your thoughts about XAUUSD in the comments section below and HIT LIKE if you appreciate my analysis. Don't forget to FOLLOW ME; you will help us a lot with this small contribution.
OANDA:XAUUSDLong
by FOREXN1
1
GOLD ROUTE MAP UPDATEHey Everyone, Another great day on the chart today allowing us to buy dips inline with our plans. We are seeing a repeat of yesterday with price finding support at the retracement range and giving multiple bounces on this weighted level allowing us to buy dips. As stated yesterday; we will now look for support above here for e re-test at 2633 or a cross and lock below 2611 retracement range will open the swing range. We will keep the above in mind when taking buys from dips. Our updated levels and weighted levels will allow us to track the movement down and then catch bounces up. We will continue to buy dips using our support levels taking 30 to 40 pips. As stated before each of our level structures give 20 to 40 pip bounces, which is enough for a nice entry and exit. If you back test the levels we shared every week for the past 24 months, you can see how effectively they were used to trade with or against short/mid term swings and trends. BULLISH TARGET 2655 - DONE EMA5 CROSS AND LOCK ABOVE 2655 WILL OPEN THE FOLLOWING BULLISH TARGET 2674 BEARISH TARGETS 2633 - DONE EMA5 CROSS AND LOCK BELOW 2633 WILL OPEN THE RETRACEMENT RANGE RETRACEMENT RANGE 2611 - DONE EMA5 CROSS AND LOCK BELOW 2611 WILL OPEN THE SWING RANGE SWING RANGE 2586 - 2558 As always, we will keep you all updated with regular updates throughout the week and how we manage the active ideas and setups. Thank you all for your likes, comments and follows, we really appreciate it! Mr Gold GoldViewFX
OANDA:XAUUSD
by Goldviewfx
7
XAUUSD: Take advantage of this dip.Gold turned neutral on its 1D technical outlook (RSI = 53.839, MACD = 29.400, ADX = 32.463), which is normal due to the correction this week. The long term pattern is still a Channel Up though, so priority is to take advantage of such pullbacks and buy. We see that Gold tends to get rejected on its top and the pull back to the 1D MA50, in order to turn ranged and consolidate until the next wave up. We are looking for the short term opportunity to buy and target the Rectangle's top (TP = 2,685). See how our prior idea has worked out: ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
FX_IDC:XAUUSDLong
by InvestingScope
3 Technical Analysis Tools to Identify Resistance Levels on GOLD How to trade Gold when it is constantly setting new all-time highs? When Gold is trading beyond historical levels, technical analysis can help you to identify the next potentially strong resistance levels. In this article, I will teach you the only 3 technical analysis tools you need to find the next key resistances and predict future correctional movements on Gold chart. Tool 1 - Trend Line The first technical analysis tool that will help you to identify a potentially strong resistance is a trend line based on previous highs. Simply analyze the previous historic highs and try to find a trend line that was respected by the market at least 3 times in the past. It means that such a trend line should be based at least on 3 historic highs. Look at that rising trend line on Gold on a daily time frame. It is based on 3 historic highs, and it can be a potentially strong resistance. Tool 2 - Psychological Levels The second technical analysis tool is psychological levels. These levels are based on round, whole numbers. In our example, the closest psychological level is 2500 level. This level is based on round numbers, it is a multiple of 500 and 100. It can compose a potentially strong resistance cluster. Tool 3 - Fibonacci Levels The third technical analysis tool is Fibonacci extension and confluence. In order to identify a potentially strong resistance with Fibonacci extension, you should identify at least 3 last bullish impulses/waves. Above is the example of 3 significant impulse legs on Gold chart on a daily. Draw Fibonacci Extension levels based on these 3 impulse legs. Here are important Extension levels to consider: -1.272 -1.414 - 1.618 Above, you can see how I draw Fibonacci Extension levels based on all the impulse legs that we identified. Your task is to identify the point where the extension levels of 3 impulses match in one point. Such a point will be called confluence zone. This confluence zone will be the next potentially strong resistance. These 3 technical tools helped us to identify the resistances beyond all historical levels easily. Remember that there is no 100% guarantee that all the resistances that we spotted will be respected by the market. For that reason, you should strictly analyze a price action and a reaction of the price to these levels before you open a short trade. Alternatively, remember that these resistances can be applied as the targets for long trades. ❤️Please, support my work with like, thank you!❤️
OANDA:XAUUSDEducation
by VasilyTrader
1
GOLD ROUTE MAP UPDATEHey Everyone, Another great day on the chart today with our analysis playing out once again. We got the Bullish target hit yesterday at 2655 and then no ema5 cross and lock above the level confirmed the rejection. Today we got our Bearish target at 2633 hit, which also gave us the weighted level bounce inline with our plans to buy dips safely for 30 to 40 pips. Followed with a break below 2633 completing the retracement range at 2611 in true level to level fashion. We will now look for support above here for e re-test at 2633 or a cross and lock below 2611 will open the swing range. We will keep the above in mind when taking buys from dips. Our updated levels and weighted levels will allow us to track the movement down and then catch bounces up. We will continue to buy dips using our support levels taking 30 to 40 pips. As stated before each of our level structures give 20 to 40 pip bounces, which is enough for a nice entry and exit. If you back test the levels we shared every week for the past 24 months, you can see how effectively they were used to trade with or against short/mid term swings and trends. BULLISH TARGET 2655 - DONE EMA5 CROSS AND LOCK ABOVE 2655 WILL OPEN THE FOLLOWING BULLISH TARGET 2674 BEARISH TARGETS 2633 - DONE EMA5 CROSS AND LOCK BELOW 2633 WILL OPEN THE RETRACEMENT RANGE RETRACEMENT RANGE 2611 - DONE EMA5 CROSS AND LOCK BELOW 2611 WILL OPEN THE SWING RANGE SWING RANGE 2586 - 2558 As always, we will keep you all updated with regular updates throughout the week and how we manage the active ideas and setups. Thank you all for your likes, comments and follows, we really appreciate it! Mr Gold GoldViewFX
OANDA:XAUUSD
by Goldviewfx
6
XAUUSD (Gold) Price Analysis: Potential Downside Breakout📉 XAUUSD (Gold) Price Analysis: Rectangle Formation on D1 Timeframe, Potential Downside Breakout Gold (XAUUSD) is trading within a rectangle formation on the D1 timeframe , which typically signals consolidation before a significant price move. While the price remains range-bound, there’s a high probability of a downside breakout , with critical targets at $2,580 and $2,490 . Here's a detailed analysis of the setup: 🔲 What is a Rectangle Formation? A rectangle formation occurs when the price moves between two horizontal levels, creating a box-like pattern 📊. This shows a period of indecision in the market, where neither buyers nor sellers are in control. A breakout typically happens when the price moves decisively above or below the rectangle. 🔻 Downside Breakout Targets Gold breaking below the rectangle's lower boundary could signal a bearish trend continuation. Here are the critical downside targets to watch: 1. First Target – $2,580 : A downside breakout would likely drop the price to $2,580 , the first central support zone and a logical profit-taking area for short-sellers. 2. Second Target – $2,490 : Should bearish momentum persist, the next target would be $2,490 , a deeper support level where further selling pressure could ease. ⛔ Stop Loss – $2,702 A stop loss at $2,702 is recommended for those considering a short position. This level is just above the upper boundary of the rectangle and would invalidate the downside scenario if breached. 🚀 Upside Breakout Target If gold breaks out above the rectangle, bullish momentum could push prices toward $2,841 . This would signal a strong reversal, and traders should consider this level the next significant resistance zone. 🔍 Factors to Watch Several factors could influence the direction of the breakout: Inflation Data : Higher inflation tends to support gold prices as a hedge, increasing the likelihood of an upside breakout. US Dollar Strength : A stronger dollar could weigh on gold, favoring a downside breakout. Geopolitical Events : Uncertainty in global markets can boost safe-haven demand for gold, potentially triggering an upside move. 🛠 Trading Strategy For traders looking to capitalize on the potential breakout, consider the following: Downside Setup : If gold breaks below the rectangle, short positions with targets at $2,580 and $2,490 may offer solid risk/reward opportunities, with a stop loss at $2,702 . Upside Setup : In the case of an upside breakout, targeting $2,841 could provide a good opportunity but ensure that risk is managed carefully. 💡 Conclusion Gold’s rectangular formation in the D1 timeframe suggests a significant price move is on the horizon. While the likelihood of a downside breakout seems stronger, with targets at $2,580 and $2,490, traders should remain alert to the possibility of an upside breakout towards $2,841. Proper risk management, including a stop loss of $2,702, will be crucial in navigating this market opportunity. 🔔 Stay updated with real-time price action to make the most of this technical setup. Share your opinion in the comments.....
OANDA:XAUUSDShort
by amzadlak