XAU/USD: Are buyers stepping into the market?

Hello, everybody, and welcome to my TradingView’s profile, my name is Gianni and today I’m going to analyse the XAU/USD, translating the market information by using a full technical analysis on different time frames, giving you a personal opinion about the next most likely market movement and helping you to spot and manage market opportunities.
My ideas are for those who are interested in improving their financial education and for those who are looking for new trading opportunities, according with their own strategies.


Monthly timeframe:
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Weekly timeframe:
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Daily timeframe:
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4 hours timeframe:
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The market is currently following an ascending channel and after the first attempt to break it to the downside, the price got a strong responsive movement just on the demand zone, pushing the price up, back, inside the channel.
On the higher value there are still sellers ready to step into the market (just have a look how aggressively they rejected the price!).
At the moment, the view is still bullish, just approaching on the previous resistance level.

When, where and why would I step into the market?
Before entering in this market, I would like to see some action on the higher part of this dynamic fair value area, that would be a sign that sellers are losing interest on that level.
Only after that I will be looking for a long entry point on the resting of the channel with a RRR of 1:2 or greater.
My SL would be below a possible channel rejection and the first TP around the middle line of this channel.
A strong rejection from the higher value to the lower value will probably invalidate this trade idea.

If you enjoy this trade idea, please support my work with a thumb up and don’t forget to follow my profile for more detailed market analyses!

Trade safe and responsibly,
Gianni


DISCLAIMER
Please note the views are not investment advice and should be used only for educational purpose
Chart Patternsdigital-invespecGoldTechnical IndicatorsTechnical AnalysisTrend AnalysisXAUUSDxauusdanalysisxauusdlong