Final Outlook for XAU/USD 9-12-2024
Bullish Outlook:
Key Levels to Watch:
Support Zones:
$2,652 (Bullish FVG boundary near EMA-8).
$2,647 (Reversion zone near EMA-21).
Resistance Zones:
$2,660–$2,662 (Bearish FVG, untested zone).
$2,665 (Fibonacci 61.8%, critical long-term resistance).
Bullish Continuation Conditions:
Price remains above $2,656 (EMA-8), showing sustained bullish momentum.
Breakout above $2,662 with volume confirmation and RSI > 60 may trigger a move toward $2,665 or higher.
Liquidity sweeps above $2,662 align with potential breakout momentum toward $2,672.
Bearish Outlook:
Key Levels to Watch:
Resistance Zones:
$2,660–$2,662 (Bearish FVG, initial rejection point).
Support Zones:
$2,652 (Critical support near Bullish FVG lower boundary).
$2,647 (EMA-21 reversion zone).
$2,640 (SMA-50, a broader structural support).
Bearish Reversal Conditions:
Price rejection near $2,660–$2,662 with bearish candlestick patterns (e.g., wicks, engulfing patterns).
Breakdown below $2,652 with volume confirmation, targeting $2,647 and potentially $2,640.
Liquidity sweeps below $2,647 align with stop-loss hunting, potentially triggering a further pullback toward $2,640.
Scalping Setup Highlights:
Long Setup:
Entry: Near $2,652–$2,653 (Bullish FVG boundary).
Target: $2,657 (TP1), $2,660 (TP2).
Short Setup:
Entry: Near $2,660–$2,662 (Bearish FVG).
Target: $2,655 (TP1), $2,652 (TP2).
Liquidity Sweeps:
Upside Liquidity: Above $2,662 (resistance zone); breaking this level could lead to a sharp move toward $2,665 or $2,672.
Downside Liquidity: Below $2,652; sweeping this level could trigger a pullback toward $2,647 or $2,640.
Final Summary:
Primary Bias: Bullish as long as price remains above $2,652, targeting $2,660–$2,665.
Secondary Bias: Bearish on rejection at $2,660 or a breakdown below $2,652, targeting $2,647–$2,640.
Critical Levels to Watch:
$2,652 for support validation.
$2,660 for resistance rejection or breakout confirmation.
Momentum Signals: RSI, Stochastic RSI crossovers, and ADX trending above 25 will guide entry validation.
This outlook provides actionable plans for both bullish and bearish scenarios, ensuring readiness for breakout or breakdown movements.
Mohamed
THE Ichimoku MAN on the Nile
#traders4traders
you are welcome to join my Telegram channel, Ichimokuonthenile.
for GOLD follow this link: t.me/GOLDontheNILE
youtube youtube.com/@ICHIMOKUontheNILE
THE Ichimoku MAN on the Nile
#traders4traders
you are welcome to join my Telegram channel, Ichimokuonthenile.
for GOLD follow this link: t.me/GOLDontheNILE
youtube youtube.com/@ICHIMOKUontheNILE
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