Gold XAU/USD Analysis --- 28.10.2024
Gap Open Observed: The gold market has a notable gap open at $2,747. Historically, gaps in price tend to close over time.
Key Resistance Levels:
$2,747: Gap open resistance.
$2,759: October 23 swing high.
$2,785: 261.8% Fibonacci extension (highlighted as a prime target by Elliott Wave traders).
Support Levels:
$2,724: Recent overnight base.
$2,709: Swing low level.
$2,703: Bespoke support level.
Technical Indicators and Price Action:
Monthly Chart: Shows an extension level of 261.8% at $2,785, marking a focal point for Elliott Wave analysis.
Daily Chart: Inside days show indecision as price trades within the October 23 range ($2,759 - $2,715).
One-Hour Chart: Highlights a gap open from October 25 at $2,747 with an extension target at $2,798.
Market Sentiment: No clear reversal is evident, and the current trend remains bullish. The primary target area lies between $2,785 and $2,798.
Key Resistance Levels:
$2,747: Gap open resistance.
$2,759: October 23 swing high.
$2,785: 261.8% Fibonacci extension (highlighted as a prime target by Elliott Wave traders).
Support Levels:
$2,724: Recent overnight base.
$2,709: Swing low level.
$2,703: Bespoke support level.
Technical Indicators and Price Action:
Monthly Chart: Shows an extension level of 261.8% at $2,785, marking a focal point for Elliott Wave analysis.
Daily Chart: Inside days show indecision as price trades within the October 23 range ($2,759 - $2,715).
One-Hour Chart: Highlights a gap open from October 25 at $2,747 with an extension target at $2,798.
Market Sentiment: No clear reversal is evident, and the current trend remains bullish. The primary target area lies between $2,785 and $2,798.
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.