Based on technical analysis and recent market movements for XAUUSD, after closing around 3685.15, the next accurate levels to watch are in both directions, considering the potential for either continued upside or a correction.
Upward Targets (Resistance):
Immediate Resistance: The 3686-3700 USD range is a key resistance zone, potentially a profit-taking area for short-term traders.
All-Time High Retest: A break above 3700 could lead to a retest of the recent all-time high near 3707 USD.
Extended Targets: Beyond the all-time high, potential targets could reach 3720-3732 USD (Fibonacci Extension) and even 3750 USD in a strong bullish scenario.
Downward Targets (Support):
Immediate Support: The 3660-3665 USD range, which acted as resistance previously and now serves as a potential support level, is important to watch.
Demand Zone/Fair Value Gap: A pullback could find support in the 3655-3665 USD demand zone or H4 Fair Value Gap.
Previous Weekly Low/Deeper Support: If the aforementioned levels fail to hold, the previous weekly low at 3648 USD and the Weekly Fair Value Gap at 3595-3620 USD could be tested.
Important Note: The market is currently consolidating after reaching recent highs, and while the overall sentiment remains bullish, a period of profit-taking or correction is possible, especially around the resistance levels. Monitor price action around these key levels for confirmation of direction.
Upward Targets (Resistance):
Immediate Resistance: The 3686-3700 USD range is a key resistance zone, potentially a profit-taking area for short-term traders.
All-Time High Retest: A break above 3700 could lead to a retest of the recent all-time high near 3707 USD.
Extended Targets: Beyond the all-time high, potential targets could reach 3720-3732 USD (Fibonacci Extension) and even 3750 USD in a strong bullish scenario.
Downward Targets (Support):
Immediate Support: The 3660-3665 USD range, which acted as resistance previously and now serves as a potential support level, is important to watch.
Demand Zone/Fair Value Gap: A pullback could find support in the 3655-3665 USD demand zone or H4 Fair Value Gap.
Previous Weekly Low/Deeper Support: If the aforementioned levels fail to hold, the previous weekly low at 3648 USD and the Weekly Fair Value Gap at 3595-3620 USD could be tested.
Important Note: The market is currently consolidating after reaching recent highs, and while the overall sentiment remains bullish, a period of profit-taking or correction is possible, especially around the resistance levels. Monitor price action around these key levels for confirmation of direction.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.