Weekly Summary of Gold Market Analysis
Summary of Gold Market Analysis
Monthly Chart Analysis
• Volume: Ultra-high, with a bullish candle closing at the high.
• Key Levels:
o Support: Break below recent low could signal sell-off.
o Resistance: Breakout above recent high signals continued bullishness.
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Weekly Timeframe
Trend: Bullish
• Key Levels: 2450-2460 (Range)
• Market Structure: Bullish breakout
• Forecast: Gold is expected to continue trading within the 2450-2460 zone.
• Range: Prices have been ranging for three weeks, with visible selling pressure.
• Key Levels:
o Support: Break below 2470 current low confirms selling.
o Resistance: Breakout above the monthly high2530 resumes bullish trend.
• Recent Movements: Gold has been trading in the same range for three weeks.
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Daily Timeframe
• Trend: Bullish with potential sideways movement
• Key Levels: 2475, 2530, 2550-2560 (Resistance)
• Market Structure: Bullish with strong resistance at 2550-2560
• Forecast: Ranging movement with potential spikes, followed by price drops.
• Key Levels:
o Support: 2470 (previous resistance turned support)
o Resistance: 2500, 2505, 2516
• Volume Analysis: Suggests possible bullish pullback if strong volume candles appear.
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Four-Hour Timeframe
• Support and Resistance Zones: Established
• Key Levels: Resistance at 2550-2560, support at lower zones
• Trading Opportunity: Buy above resistance, sell below support
• Forecast: Bullish target of 2550-2560, but bearish scenario if key levels are breached.
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Short-Term (H4/H1) Analysis
• Rejection Candles: Formed on high volume, indicating potential buying.
• Key Levels:
o Support: 2497, 2500, 2505
o Resistance: 2510, 2514, 2516
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Trading Plan
• Sell Zone Confirmation: sell were confirmed twice from the upper trigger line (H4).
• Structure and Trend:
o Bullish: Stay bullish as long as the structure is bullish.
o Bearish: Switch to bearish if structure changes.
• 2470 Level: Critical support; bullish stance remains unless price closes below it.
• Long-Term Buy: Expected if a breakout occurs, with potential for thousands of pips.
• Bullish Target: 2550-2560
• Bearish Scenario: Reversal possible if resistance holds, leading to downward spikes.
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Important Price Levels and Their Importance:
• 2450-2460: Critical range on the weekly chart; represents current bullish zone. Strong resistance zone; target for bullish moves, with bearish potential if price reverses.
• 2470: Key support level; critical to maintaining a bullish stance.
• 2497, 2500, 2505: Support levels on short-term charts; key for maintaining upward momentum.
• 2510, 2514, 2516: Resistance levels on short-term charts; indication for possible price rejection.
These price levels are crucial for traders to watch for potential entry and exit points in both bullish and bearish scenarios.
Monthly Chart Analysis
• Volume: Ultra-high, with a bullish candle closing at the high.
• Key Levels:
o Support: Break below recent low could signal sell-off.
o Resistance: Breakout above recent high signals continued bullishness.
________________________________________
Weekly Timeframe
Trend: Bullish
• Key Levels: 2450-2460 (Range)
• Market Structure: Bullish breakout
• Forecast: Gold is expected to continue trading within the 2450-2460 zone.
• Range: Prices have been ranging for three weeks, with visible selling pressure.
• Key Levels:
o Support: Break below 2470 current low confirms selling.
o Resistance: Breakout above the monthly high2530 resumes bullish trend.
• Recent Movements: Gold has been trading in the same range for three weeks.
________________________________________
Daily Timeframe
• Trend: Bullish with potential sideways movement
• Key Levels: 2475, 2530, 2550-2560 (Resistance)
• Market Structure: Bullish with strong resistance at 2550-2560
• Forecast: Ranging movement with potential spikes, followed by price drops.
• Key Levels:
o Support: 2470 (previous resistance turned support)
o Resistance: 2500, 2505, 2516
• Volume Analysis: Suggests possible bullish pullback if strong volume candles appear.
________________________________________
Four-Hour Timeframe
• Support and Resistance Zones: Established
• Key Levels: Resistance at 2550-2560, support at lower zones
• Trading Opportunity: Buy above resistance, sell below support
• Forecast: Bullish target of 2550-2560, but bearish scenario if key levels are breached.
________________________________________
Short-Term (H4/H1) Analysis
• Rejection Candles: Formed on high volume, indicating potential buying.
• Key Levels:
o Support: 2497, 2500, 2505
o Resistance: 2510, 2514, 2516
________________________________________
Trading Plan
• Sell Zone Confirmation: sell were confirmed twice from the upper trigger line (H4).
• Structure and Trend:
o Bullish: Stay bullish as long as the structure is bullish.
o Bearish: Switch to bearish if structure changes.
• 2470 Level: Critical support; bullish stance remains unless price closes below it.
• Long-Term Buy: Expected if a breakout occurs, with potential for thousands of pips.
• Bullish Target: 2550-2560
• Bearish Scenario: Reversal possible if resistance holds, leading to downward spikes.
________________________________________
Important Price Levels and Their Importance:
• 2450-2460: Critical range on the weekly chart; represents current bullish zone. Strong resistance zone; target for bullish moves, with bearish potential if price reverses.
• 2470: Key support level; critical to maintaining a bullish stance.
• 2497, 2500, 2505: Support levels on short-term charts; key for maintaining upward momentum.
• 2510, 2514, 2516: Resistance levels on short-term charts; indication for possible price rejection.
These price levels are crucial for traders to watch for potential entry and exit points in both bullish and bearish scenarios.
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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.
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.