Gold is currently trading at $2,927, showing signs of price rejection from a weak high at $2,942.65. The market structure suggests that a retracement could be underway before further directional movement.
Key Levels
Resistance: $2,942.65 (Weak High), $2,939.62 (Recent High)
Support: $2,914.80 (Demand Zone), $2,888.48 (Major Support)
Trade Setups
Confirmation via candlestick rejection or bearish engulfing around $2,942 would add confluence for shorts. A break above $2,942 with volume could invalidate the bearish bias and lead to new highs.
Gold’s recent bullish rally is facing resistance at a weak high, with a possible retracement toward key demand zones. Traders should monitor price action around the 1H FVG and structural levels for potential trading opportunities.
Would love to hear your thoughts! 🚀📊 #XAUUSD #TradingView #GoldAnalysis #SmartMoneyConcepts
- Break of Structure (BOS) is evident at multiple points, indicating bullish momentum.
- Change of Character (ChOCH) around previous support-turned-resistance, signaling a potential short-term reversal.
- The price is currently testing a 1H Fair Value Gap (FVG) as a possible demand zone.
Key Levels
Resistance: $2,942.65 (Weak High), $2,939.62 (Recent High)
Support: $2,914.80 (Demand Zone), $2,888.48 (Major Support)
Trade Setups
- A short position from the weak high zone ($2,942.65) with targets at $2,914.80 could be favorable.
- If the price holds above the 1H FVG zone, a bullish continuation could be possible.
Confirmation via candlestick rejection or bearish engulfing around $2,942 would add confluence for shorts. A break above $2,942 with volume could invalidate the bearish bias and lead to new highs.
Gold’s recent bullish rally is facing resistance at a weak high, with a possible retracement toward key demand zones. Traders should monitor price action around the 1H FVG and structural levels for potential trading opportunities.
Would love to hear your thoughts! 🚀📊 #XAUUSD #TradingView #GoldAnalysis #SmartMoneyConcepts
Trade closed: target reached
Take profit triggered before entry.
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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.