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XAUUSD GOLD
Despite a Timer TL breakdown and activation by a notable action candle, the asset has been unable to trade below the Timer TL action candle for over three weeks. This suggests a possible failure of the outgoing bear market takeover. Only an unexpected and drastic downslide can salvage the takeover. Without such a move, the market may gain confidence to attempt trading above 2400, where significant profit-taking is currently expected, in my opinion.
In the next sessions, traders will be looking for longs on the asset as long as there is no sudden decline and the market does not trade below 2296. Coincidentally, prices are currently at the bottom level of the focused price range, inviting buyers again while being mindful of possible shakeoffs. For the price to target the top of our 'range in focus' around 2370, it must first surpass 2041, then 2389, and ultimately reach the 2416 area. At that point, a new bear market takeover scenario could be anticipated.
In conclusion, the bear market takeover appears to be in its failing stages. If sellers fail to find additional resources around the red box on the chart as a last-ditch attempt to reorganize, the path of least resistance will favor the upside. It is suspected that the next significant staging levels for an assault will be above 2400 (measured at 2416).
Heed your due diligence!
XAUUSD GOLD
Despite a Timer TL breakdown and activation by a notable action candle, the asset has been unable to trade below the Timer TL action candle for over three weeks. This suggests a possible failure of the outgoing bear market takeover. Only an unexpected and drastic downslide can salvage the takeover. Without such a move, the market may gain confidence to attempt trading above 2400, where significant profit-taking is currently expected, in my opinion.
In the next sessions, traders will be looking for longs on the asset as long as there is no sudden decline and the market does not trade below 2296. Coincidentally, prices are currently at the bottom level of the focused price range, inviting buyers again while being mindful of possible shakeoffs. For the price to target the top of our 'range in focus' around 2370, it must first surpass 2041, then 2389, and ultimately reach the 2416 area. At that point, a new bear market takeover scenario could be anticipated.
In conclusion, the bear market takeover appears to be in its failing stages. If sellers fail to find additional resources around the red box on the chart as a last-ditch attempt to reorganize, the path of least resistance will favor the upside. It is suspected that the next significant staging levels for an assault will be above 2400 (measured at 2416).
Heed your due diligence!
Note
Targets met: 2341, 2371 All trades are looking good so far. The price has reached the top of the focus range at 2371. If it clears this level, the next target is 2389.
Note
Targets met: 2341, 2371, 2389There you go, another target banked at 2389! The next target is 2416, with an initial aim for 2400.
Trade closed: target reached
Exited for the weekend break.Brilliant trades all around, cheers folks.
Happy trading and stay green!
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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.
Related publications
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.