Bullish Bearish Gold #GOLD #FVG #SUPPLYDEMAND
Current Market Context
Recent Trend: A significant downtrend with large red candles indicating strong selling pressure.
Support and Resistance Levels:
Support: Around 2,377.45 to 2,380.
Resistance: Around 2,402 to 2,403.65.
Potential Entry Points
Bullish Entry Points:
Support Bounce (Demand Order Block):
Bearish Entry Points
Resistance Rejection (Supply Order Block):
Chart Analysis
Given the recent downtrend and strong selling pressure:
Bearish Bias: The overall trend appears bearish due to the significant downward movement.
Best Entry for Bears: The best entry point for a bearish position would be around the identified resistance level of 2,402 to 2,403.65. Wait for confirmation of resistance holding, such as a bearish candlestick pattern or increased selling volume.
Trade Setup
Bearish Trade Setup
Bullish Trade Setup
If you are looking for a counter-trend trade (riskier):
Support Area (Demand Order Block):
Key Indicators and Confirmation
Volume: Look for increased volume at the support/resistance levels to confirm the entry.
Candlestick Patterns: Wait for strong reversal patterns like engulfing patterns, pin bars, or hammer/shooting star.
Conclusion
Best Entry for Bears: Around 2,402 to 2,403.65 (Resistance).
Best Entry for Bulls: Around 2,377.45 to 2,380 (Support), but this is riskier due to the current bearish trend.
Recent Trend: A significant downtrend with large red candles indicating strong selling pressure.
Support and Resistance Levels:
Support: Around 2,377.45 to 2,380.
Resistance: Around 2,402 to 2,403.65.
Potential Entry Points
Bullish Entry Points:
Support Bounce (Demand Order Block):
- Entry: Enter a long position around the support area of 2,377.45 to 2,380, if you see bullish reversal patterns (e.g., bullish engulfing, hammer) or strong buying volume.
- Stop Loss: Place a stop loss slightly below the support level, for example, around 2,370 to limit potential losses.
- Take Profit: Target the resistance area around 2,402 to 2,403.65 or previous highs for potential profit-taking.
Bearish Entry Points
Resistance Rejection (Supply Order Block):
- Entry: Enter a short position around the resistance area of 2,402 to 2,403.65, if you see bearish reversal patterns (e.g., bearish engulfing, shooting star) or strong selling volume.
- Stop Loss: Place a stop loss slightly above the resistance level, for example, around 2,410 to limit potential losses.
- Take Profit: Target the support area around 2,377.45 to 2,380 or previous lows for potential profit-taking.
Chart Analysis
Given the recent downtrend and strong selling pressure:
Bearish Bias: The overall trend appears bearish due to the significant downward movement.
Best Entry for Bears: The best entry point for a bearish position would be around the identified resistance level of 2,402 to 2,403.65. Wait for confirmation of resistance holding, such as a bearish candlestick pattern or increased selling volume.
Trade Setup
Bearish Trade Setup
- Resistance Area (Supply Order Block):
- Entry: Around 2,402 to 2,403.65.
- Stop Loss: Above 2,410.
- Take Profit: Around 2,377.45 to 2,380.
Bullish Trade Setup
If you are looking for a counter-trend trade (riskier):
Support Area (Demand Order Block):
- Entry: Around 2,377.45 to 2,380 if there is a clear bullish reversal signal.
- Stop Loss: Below 2,370.
- Take Profit: Initial target around 2,402 to 2,403.65.
Key Indicators and Confirmation
Volume: Look for increased volume at the support/resistance levels to confirm the entry.
Candlestick Patterns: Wait for strong reversal patterns like engulfing patterns, pin bars, or hammer/shooting star.
Conclusion
Best Entry for Bears: Around 2,402 to 2,403.65 (Resistance).
Best Entry for Bulls: Around 2,377.45 to 2,380 (Support), but this is riskier due to the current bearish trend.
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.