XAUUSD. Weekly trading levels 20 - 24.05.2024

Not much has changed on Gold. We haven’t been to the top yet, there’s no data there. If we update the historical maximum, you can find out more in the Daily Gold posts.

During the week you can trade from these price levels. Finding the entry point into a transaction and its support is up to you, depending on your trading style and the development of the situation. Zones show preferred price ranges WHERE to look for an entry point into a trade.
If you expect any medium-term price movements, then most likely they will start from one of the zones.
Levels are valid for a week, the date is in the title. Next week I will adjust the levels based on new data and publish a new post.
! Please note that brokers have a difference in quotes, take this into account when trading.

The history of level development can be seen in my previous posts. They cannot be edited or deleted. Everything is fair. :)

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I don’t play guess the direction (that’s why there are no directional arrows), but zones (levels) are used for trading. We wait for the zone to approach, watch the reaction, and enter the trade.
Levels are drawn based on volumes and data from the CME. They are used as areas of interest for trading. Traded as classic support/resistance levels. We see the reaction to the rebound, we trade the rebound. We see a breakout and continue to trade on a rollback to the level. The worst option is if we revolve around the zone in a flat.
Do not reverse the market at every level; if there is a trend movement, consider it as an opportunity to continue the movement. Until the price has drawn a reversal pattern.

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Comment:

Great start to the week. The first take can be at 50% of the downward momentum. Then breakeven and take 75% and maximums.

Trade active:

Yesterday we completed 75% of the impulse. This morning we have been moving in the zone, but I don’t see any reasons to buy yet. They are still confused by the minimums from below, they touched it very weakly, they can shoot there.

Trade active:

Gold still provided a good buying opportunity. But the market is not very active, so we returned.

Trade active:

So they shot at the bottom, I wrote above.