Both Range & Breakout Opportunity in XAUUSD
Updated
Since October 2022, the XAUUSD (Gold) has exhibited a consistent upward trend within a clearly defined channel on the weekly chart.
In May 2023, Gold experienced a significant structural shift as it broke through key levels of support and resistance. The resistance level is now established at 1980, while the support level is estimated to be around 1938.
Analyzing the 4-hour chart, Gold has been trading within a range bounded by 1940 and 1967. However, on Friday, there was a noticeable breach below the lower boundary of 1940, which was swiftly followed by a rebound back into the resistance zone.
During the Asia session today (19/06/23), Gold encountered difficulty in breaching the 1953 area, indicating the possibility of a new support level being established at this point. This development suggests the potential initiation of a fresh support phase for Gold.
In May 2023, Gold experienced a significant structural shift as it broke through key levels of support and resistance. The resistance level is now established at 1980, while the support level is estimated to be around 1938.
Analyzing the 4-hour chart, Gold has been trading within a range bounded by 1940 and 1967. However, on Friday, there was a noticeable breach below the lower boundary of 1940, which was swiftly followed by a rebound back into the resistance zone.
During the Asia session today (19/06/23), Gold encountered difficulty in breaching the 1953 area, indicating the possibility of a new support level being established at this point. This development suggests the potential initiation of a fresh support phase for Gold.
Note
The below is referenced to the Daily chart:In May 2023, Gold experienced a significant structural shift as it broke through key levels of support and resistance. The resistance level is now established at 1980, while the support level is estimated to be around 1938.
Note
Gold Buy from 1954.25 Exited in profit at 1956.31Entered Gold Sell at 1956.31 Target 1945.54
Note
Exited Gold Sell at 1945.42 Entered Gold Buy 1945.42 - Holding Gold Buy
Entered Gold Sell at 1950.23 Exited at 1948.07
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