Gold sets a new high of $2,936! Discover a purchase opportunity at the 0.618 Fibonacci retracement level and breaker block for potential momentum.
This chart represents a technical analysis of XAU/USD (Gold vs. US Dollar) on a daily timeframe using Fibonacci retracement and extension levels. Here's a breakdown of the possible market trend:
Key Observations:
Current Price: ~2,936.26 USD
Fibonacci Levels:
1.618 Extension: ~2,950.07 (Potential Resistance)
1.414 Extension: ~2,898.07
0.618 Retracement: ~2,695.15 (Potential Support)
0.5 Retracement: ~2,665.07
0.382 Retracement: ~2,634.99
Trend Structure:
The price has been in a strong uptrend since late 2024.
The next key resistance appears near 2,950 (1.618 Fibonacci extension).
A possible correction may occur around 2,950, leading to a retracement before further upside.
Possible Trading Ideas:
Bullish Scenario:
If the price breaks above 2,950, the next leg higher could extend towards 3,000+ USD.
Buyers may enter on a pullback around the 0.618 Fibonacci retracement (~2,695) before another bullish move.
Bearish Scenario (Correction Phase):
A rejection from 2,950 could lead to a retracement to the 2,700–2,665 zone.
A deeper correction may test the 2,537 support area.
This chart represents a technical analysis of XAU/USD (Gold vs. US Dollar) on a daily timeframe using Fibonacci retracement and extension levels. Here's a breakdown of the possible market trend:
Key Observations:
Current Price: ~2,936.26 USD
Fibonacci Levels:
1.618 Extension: ~2,950.07 (Potential Resistance)
1.414 Extension: ~2,898.07
0.618 Retracement: ~2,695.15 (Potential Support)
0.5 Retracement: ~2,665.07
0.382 Retracement: ~2,634.99
Trend Structure:
The price has been in a strong uptrend since late 2024.
The next key resistance appears near 2,950 (1.618 Fibonacci extension).
A possible correction may occur around 2,950, leading to a retracement before further upside.
Possible Trading Ideas:
Bullish Scenario:
If the price breaks above 2,950, the next leg higher could extend towards 3,000+ USD.
Buyers may enter on a pullback around the 0.618 Fibonacci retracement (~2,695) before another bullish move.
Bearish Scenario (Correction Phase):
A rejection from 2,950 could lead to a retracement to the 2,700–2,665 zone.
A deeper correction may test the 2,537 support area.
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.