🔸 Gold price has reached 2689.375, showing strong bullish momentum with a 0.71% increase.
🔹 Supports:
Key support at 2666.35, which previously played a significant role in holding the price.
Another support level is at 2655.14, where notable buying demand has been observed.
The POC (Point of Control) at 2626.19 remains a critical long-term support level.
🔹 Resistances:
Major resistance at 2737.85, which serves as the primary target for the current upward move.
The next resistance is located at 2745.17, and breaking it could confirm a continuation of the bullish trend.
🔸 Scenario:
If the supports at 2680 and 2666 hold, the bullish trend is likely to continue. A breakout above 2737 may pave the way toward 2745 and higher levels. Otherwise, a pullback toward lower support levels is possible.
✅ Conclusion:
The current price action is positive, with buyers in control. However, the reaction to the key levels mentioned above will determine the future direction. Proper risk management is crucial at these levels.
Note
Buy Scenarios:1. Level 2,681 (Support):
Order Type: Buy Limit
Entry: 2,681
Stop Loss: 2,676
Take Profit: 2,688 or 2,700
Explanation: Likely reversal from this support. Confirm with a bullish reversal candlestick.
2. Level 2,655 (Support):
Order Type: Buy Limit
Entry: 2,655
Stop Loss: 2,650
Take Profit: 2,666 or 2,680
Explanation: Strong support, suitable for deeper pullbacks.
3. Level 2,626 (POC - Key Support):
Order Type: Buy Limit
Entry: 2,626
Stop Loss: 2,620
Take Profit: 2,640 or 2,655
Explanation: A key level with a high probability of a strong reversal.
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Sell Scenarios:
1. Level 2,718 (Resistance):
Order Type: Sell Limit
Entry: 2,718
Stop Loss: 2,725
Take Profit: 2,700 or 2,688
Explanation: Strong resistance. A reversal is likely if buyers weaken.
2. Level 2,737 (Key Resistance):
Order Type: Sell Limit
Entry: 2,737
Stop Loss: 2,745
Take Profit: 2,718 or 2,700
Explanation: Major resistance. A strong pullback is expected if this level holds.
3. Level 2,745 (Final Resistance):
Order Type: Sell Limit
Entry: 2,745
Stop Loss: 2,755
Take Profit: 2,737 or 2,718
Explanation: Reversal is highly probable if the price reaches this level.
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Breakout Scenarios:
Buy Stop (Bullish Breakout):
Entry: 2,720
Stop Loss: 2,710
Take Profit: 2,737 or 2,745
Sell Stop (Bearish Breakout):
Entry: 2,680
Stop Loss: 2,688
Take Profit: 2,666 or 2,655
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Summary:
Buy Scenarios: Focus on supports (2,681, 2,655, 2,626).
Sell Scenarios: Focus on resistances (2,718, 2,737, 2,745).
Breakouts: Use Buy Stop and Sell Stop at key breakout levels.
Risk Management: Use tight Stop Loss and aim for at least a 1:2 Risk-to-Reward ratio.
Note
First Position target reached1. Level 2,681 (Support):
Order Type: Buy Limit
Entry: 2,681
Stop Loss: 2,676
Take Profit: 2,688 or 2,700
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.