XAUUSD Trading plan depending on Resistance and Support levels
Gold (XAUUSD) remained within the Triangle range that we suggested last week, and is so far consolidating, staying on neutral sentiment:
However, this neutral sentiment may change if certain Resistance and Support levels change and we should be ready to react. This is why I'm making the current analysis on the 4H time-frame, to better illustrate those break-out levels.
First of all, the price broke yesterday below the 4H MA200 (orange trend-line) for the first time since February 07, so that alone is an early bearish signal. Until 1910 breaks though, Gold remains neutral within the 1910 Support and the 1966 Resistance, giving us a short-term opportunity for scalping profit. A break above 1966 is bullish towards 2010, while a break (4H candle closing) below 1910 is bearish towards Support Zone 1.
Based on Gold's price action since August 2021 within the former Channel Up, the price always tested the Support Zone of the previous low after a Higher High. That is currently at within 1875 - 1884. This is below the 1D MA50, so technically if 1875 breaks, we can easily see aggressive selling towards the 1D MA200 (red dotted trend-line) and then Support Zone 2, but of course that is on the long-term and until then we will make more short-term updates depending on how the price action goes.
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However, this neutral sentiment may change if certain Resistance and Support levels change and we should be ready to react. This is why I'm making the current analysis on the 4H time-frame, to better illustrate those break-out levels.
First of all, the price broke yesterday below the 4H MA200 (orange trend-line) for the first time since February 07, so that alone is an early bearish signal. Until 1910 breaks though, Gold remains neutral within the 1910 Support and the 1966 Resistance, giving us a short-term opportunity for scalping profit. A break above 1966 is bullish towards 2010, while a break (4H candle closing) below 1910 is bearish towards Support Zone 1.
Based on Gold's price action since August 2021 within the former Channel Up, the price always tested the Support Zone of the previous low after a Higher High. That is currently at within 1875 - 1884. This is below the 1D MA50, so technically if 1875 breaks, we can easily see aggressive selling towards the 1D MA200 (red dotted trend-line) and then Support Zone 2, but of course that is on the long-term and until then we will make more short-term updates depending on how the price action goes.
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** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **
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