👑 GOLD XAUUSD 🗝️ LEVELS TO WATCH 👀AND WHY 🤔
Updated
Hello, fellow traders! I hope your trading week has been nothing short of fantastic. The recent movements in the gold market have certainly been thrilling. However, as we all know, prices in trading don't ascend perpetually, and it's crucial to adapt our strategies accordingly. Let's delve into a promising opportunity presented by gold.
Hello, fellow traders! I hope your trading week has been nothing short of fantastic. The recent movements in the gold market have certainly been thrilling. However, as we all know, prices in trading don't ascend perpetually, and it's crucial to adapt our strategies accordingly. Let's delve into a promising opportunity presented by gold.
Observing the gold chart reveals a pattern we've encountered before: a higher high and a higher low at the 61.8 percent retracement, commonly known as the ABC pattern. Why patterns, you might wonder? Well, each pattern offers valuable insights, allowing us to project Fibonacci retracement levels not only for targets but also for determining support, resistance, and entry points.
Currently, the gold chart exhibits an ABC bearish pattern, with the price trading below the level of 2360.40. Our analysis primarily focuses on the daily timeframe, although trading opportunities may also arise on lower timeframes such as H4. It's worth noting that prudent risk management is essential to mitigate potential losses, particularly if the trade veers off course. Should the price surpass the C stop at 2380.37, adjustments to our setup will be necessary.
Turning to our targets, we've identified two key zones: Zone 62% at 2282.89 and Zone 79% at 2256.81. For those inclined to let profits run, the 138% target sits at 2218.37, with the 162% target following closely at 2182.34.
This strategy is straightforward yet effective, and additional trades may be executed on lower timeframes for those interested. Stay tuned for further updates! Wishing you all successful trades ahead, and may the pip be ever in your favor!
Observing the gold chart reveals a pattern we've encountered before: a higher high and a higher low at the 61.8 percent retracement, commonly known as the ABC pattern. Why patterns, you might wonder? Well, each pattern offers valuable insights, allowing us to project Fibonacci retracement levels not only for targets but also for determining support, resistance, and entry points.
Currently, the gold chart exhibits an ABC bearish pattern, with the price trading below the level of 2360.40. Our analysis primarily focuses on the daily timeframe, although trading opportunities may also arise on lower timeframes such as H4. It's worth noting that prudent risk management is essential to mitigate potential losses, particularly if the trade veers off course. Should the price surpass the C stop at 2380.37, adjustments to our setup will be necessary.
Turning to our targets, we've identified two key zones: Zone 62% at 2282.89 and Zone 79% at 2256.81. For those inclined to let profits run, the 138% target sits at 2218.37, with the 162% target following closely at 2182.34.
This strategy is straightforward yet effective, and additional trades may be executed on lower timeframes for those interested. Stay tuned for further updates! Wishing you all successful trades ahead, and may the pip be ever in your favor!
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