Gold Price Analysis: Potential Reversal at Key Fibonacci Levels

Gold Price Analysis: Potential Reversal at Key Fibonacci Levels
The chart displays the price action of CFDs on Gold (US/OZ) on a 4-hour timeframe. The price is currently at $2,669.460, showing a slight decline of 0.04%. The chart includes several technical indicators and annotations:

Fibonacci Retracement Levels:

0.382 (2,659.51836)

0.5 (2,640.4)

0.618 (2,621.28164)

0.705 (2,607.1859)

0.786 (2,594.06228)

Volume Profile:

High volume nodes around $2,679.171 and $2,658.824, indicating strong support/resistance levels.

Trend Channels:

The price is moving within an ascending channel, with upper and lower bounds marked by blue dotted lines.

Moving Averages:

The chart shows multiple moving averages, indicating the overall trend direction.

Relative Strength Index (RSI):

The RSI is currently at 60.89, suggesting that the market is neither overbought nor oversold.

Candlestick Patterns:

Recent candlesticks show a potential reversal pattern near the 0.382 Fibonacci level.

Buy Strategy:
Entry: $2,658.824 (near the high volume node and 0.382 Fibonacci level)

Take Profit 1 (TP1): $2,679.171 (+203.47 pips)

Take Profit 2 (TP2): $2,697.910 (+391.86 pips)

Stop Loss (SL): $2,640.4 (-184.24 pips)

Sell Strategy:
Entry: $2,679.171 (near the high volume node and upper bound of the channel)

Take Profit 1 (TP1): $2,658.824 (-203.47 pips)

Take Profit 2 (TP2): $2,640.4 (-387.71 pips)

Stop Loss (SL): $2,697.910 (+187.39 pips)

VIP Signal:
Buy Signal:
Entry: $2,658.824
TP1: $2,679.171 (+203.47 pips)
TP2: $2,697.910 (+391.86 pips)
SL: $2,640.4 (-184.24 pips)

Sell Signal:
Entry: $2,679.171
TP1: $2,658.824 (-203.47 pips)
TP2: $2,640.4 (-387.71 pips)
SL: $2,697.910 (+187.39 pips)

This analysis leverages Price Action, Smart Money Concepts (SMC), and ICT Elliott Wave strategies to provide comprehensive buy and sell strategies. The key levels identified offer optimal entry and exit points, ensuring a balanced risk-reward ratio for traders.

Trade active

Buy Strategy:
Entry: $2,658.824 (near the high volume node and 0.382 Fibonacci level)

Note

ICT Elliott Wave:
The price appears to be in the corrective wave of an Elliott Wave pattern, likely completing wave 4 and starting wave 5.
Wave 5 targets: 2,677.766 and 2,697.950

Note

Congratulations TP1 DONE SUCCESSFULLY

Trade closed: target reached

Congratulations All Tp DONE SUCCESSFULLY

TP2: $2,697.910 (+391.86 pips)

Alexgoldhunter

Alex Gold Hunter

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Alexgoldhunter

Alex Gold Hunter

Free Signals & analysis
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