Gold's Bearish Phase Shifts to Rebound at Key Liquidity
Hello,
Gold has been fluctuating in the range of 1910.935 to 1946.77. These upper and lower bounds commonly offer insights into potential resistance and support levels. Presently, there's an anticipation of a decline, with a high likelihood that gold's value might decrease to the liquidity area before experiencing an upturn. The weekly trend remains consistent, indicating a strong bullish pattern. However, when examining the daily trend, it's evident that the short-term trajectory is more likely to be bearish. XAU/USD is presently in an oversold condition and is anticipated to remain so until the crucial liquidity area is reached.
Remember, trading always involves risk, and no analysis can predict the future with certainty. It's essential to use risk management techniques and stay informed about market events that could influence the price. Good luck with your trading!
If you have a moment, I'd really appreciate your boost for my analysis. Your input would be truly valuable.
TradeWithTheTrend3344
Bearish Targets:
1910
1902
Bullish Targets:
1917.23
For targets above 1920 see anchored text in graph
1930.045
1934.317
1938.588
Gold has been fluctuating in the range of 1910.935 to 1946.77. These upper and lower bounds commonly offer insights into potential resistance and support levels. Presently, there's an anticipation of a decline, with a high likelihood that gold's value might decrease to the liquidity area before experiencing an upturn. The weekly trend remains consistent, indicating a strong bullish pattern. However, when examining the daily trend, it's evident that the short-term trajectory is more likely to be bearish. XAU/USD is presently in an oversold condition and is anticipated to remain so until the crucial liquidity area is reached.
Remember, trading always involves risk, and no analysis can predict the future with certainty. It's essential to use risk management techniques and stay informed about market events that could influence the price. Good luck with your trading!
If you have a moment, I'd really appreciate your boost for my analysis. Your input would be truly valuable.
TradeWithTheTrend3344
Bearish Targets:
1910
1902
Bullish Targets:
1917.23
For targets above 1920 see anchored text in graph
1930.045
1934.317
1938.588
Comment:
1st Bearish Target @ 1910 Done
Comment:
Gold recently retested the previous support level at $1912.77, and it also appears to be holding up relatively well around the support level at $1902. Despite this, the trend analysis still suggests a bearish bias. Given the current situation, it seems that the best course of action is to exercise patience and wait for further developments in the market. In essence, we are in a "hurry up and wait" scenario, where it's advisable to monitor the situation closely before making any significant trading decisions.
Comment:
Additional Bearish Targets:
1895
1890
1895
1890
Comment:
2nd Bearish Target @ 1902 Done
Comment:
If the support at 1903 remains intact, potential upward movement could be the predominant trend moving forward.
Comment:
If the price manages to remain consistently below 1902, it is possible that we could observe a decline towards the levels of 1895 and 1890.
Comment:
Bearish Target @ 1895 Done
Comment:
Bearish Target @ 1890 Done
Comment:
I'd like to share an intriguing observation regarding gold's current situation. While fundamental data suggests a significant possibility of a decline in gold prices, the prevailing market sentiment indicates a heightened willingness among traders to take on higher risks for the potential of greater returns. Presently, the overall risk mood in the market is leaning towards a bullish outlook. Please note that this insight is not intended as trading advice, but rather a noteworthy finding worth mentioning.
Comment:
Wishing everyone a good weekend! Enjoyed the exhilarating week of trading – here's to more successful weeks ahead!