Gold Price Analysis: Key Levels and Potential Reversal Zones
Updated
XAUUSD Gold Price Analysis: Key Levels and Potential Reversal ZonesThe chart displays the price action of CFDs on Gold (US/OZ) on a 4-hour timeframe. The chart is annotated with various technical indicators and concepts, including Break of Structure (BOS), Change of Character (ChoCH), Fibonacci retracement levels, and volume profile.
Price Action Analysis:
The chart shows multiple BOS and ChoCH points, indicating shifts in market structure.
The price has recently broken below a significant support level around 2,640.978, suggesting a bearish trend.
Smart Money Concepts (SMC):
BOS and ChoCH annotations highlight key areas where institutional traders might have entered or exited positions.
The recent BOS at 2,640.978 suggests a potential continuation of the downtrend.
ICT Elliott Wave Analysis:
The chart shows potential Elliott Wave patterns with corrective waves forming within the highlighted Fibonacci retracement zones.
The 0.382 (2,659.5136) and 0.786 (2,594.0628) Fibonacci levels are key areas to watch for potential reversals.
Volume Profile:
The volume profile on the right side of the chart indicates high trading activity around 2,726.130 and 2,601.810, which can act as resistance and support levels, respectively.
Indicators:
The MACD histogram at the bottom shows a mix of red and green bars, indicating fluctuating momentum.
Buy Strategy:
Entry: 2,601.810 (near the support level and high volume area)
TP1: 2,640.978 (previous support turned resistance)
TP2: 2,659.5136 (0.382 Fibonacci level)
SL: 2,582.264 (below the support level)
Sell Strategy:
Entry: 2,640.978 (previous support turned resistance)
TP1: 2,601.810 (support level and high volume area)
TP2: 2,594.0628 (0.786 Fibonacci level)
SL: 2,659.5136 (above the 0.382 Fibonacci level)
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This detailed analysis incorporates various trading strategies, including Price Action, Smart Money Concepts (SMC), and ICT Elliott Wave strategies, to formulate comprehensive buy and sell strategies. The indicators displayed on the chart, such as Fibonacci retracement levels, volume profile, and MACD, support the analysis and identify key levels for entry, take profit, and stop loss.
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Entry: 2,640.978 (previous support turned resistance)Note
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Alex Gold Hunter
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